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Gold recorded its sixth consecutive higher quarterly close.

20-Jul-2010

Gold recorded its sixth consecutive higher quarterly close yesterday which is important from a technical perspective. Gold's medium and long trend remains up and gold remains in a bull market. The rise of gold has been quite gradual with periods of rising prices followed by lengthy periods of consolidation.

Unlike in the late 1970s when gold rose by more than 100% in three individual quarters. Gold's rise has been gradual and orderly and we have yet to see the speculative mania that was seen in the 1970s. Indeed gold is only marginally above the price that it was six months ago. The bull market in gold is likely to end with very high monthly and quarterly returns and with a parabolic spike and we are a long way from there today

Source: Goldcore

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