Gold Prices Soar to Form New Uptrend

Over the last month, gold prices have risen over $30, and some analysts say that gold has now broken its short term downtrend and formed a new short term uptrend.

In late June, gold was trading for about $640/ounce but since then gold has risen to today’s level, where in New York gold is trading at US$679.30.

Analysts say that the next technical resistance level is at $680.00 although the main resistance for gold is at the $700 mark.

Analysis of gold prices

Last year gold prices rose to $730, the highest gold prices have ever been since 1980, when they reached $875.

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