Nor has the US Dollar Index hurt gold. The gold price rose USD27.60 last week to close the week at USD958.50. This means more than the simple numbers. 928-930 was strong resistance, and above that was more resistance at 938-941.5. The gold price has steadily conquered those barriers and climbed nearly to its March correction high at 965.
What can await the gold price but another attack on USD1,000? As I often repeat, the more times a market attacks a support or resistance level, the greater the odds it will break through. This rally isn't synchronized to the average seasonal pattern, but don't fight the market. It's happening. Little question that the disintegrating dollar is helping gold, but in the past couple of days demand has returned to the market, retail demand.
THIS WEEK gold prices ought to improve their gains. I think the gold price should take some days to reach USD1,000. It's just a hunch, but I think this time the gold price will finally pierce USD1,000. Once it does, you'll never see it under $1,000 again. I am buying this breakout in both gold and silver.
Back to Malaysia, due to USD/RM getting lower so gold price in RM also stronger again USD. However the gold value is on the up move so the price sure also will fly sky high.
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