USD Gold Hits New All Time High – Hardly Anyone Notices

Prices and Charts

USD Hits New All-Time High – Hardly Anyone Notices

This renewed gold bull market continues to confound. USD gold has surged higher, up $105 (4.4%) to a new all-time high at $2469.

While in NZ Dollars gold is closing in on all-time highs too. Up $212 or 5.5% to $4074. We need to see it break $4100 now as it edges into overbought territory on the RSI.

So the next leg up in gold may have already started. So far today we’ve seen little mention of the all-time highs in the mainstream press. Even on the likes of X/Twitter, it’s been pretty quiet.

Interestingly July so far has been one of the quietest months we’ve had in recent times as far as purchases of gold and silver go. It seems most people expected gold and silver to head even lower during this correction. So they have been sitting on the sideline looking for a better entry point.

Of course, there is still a chance gold could turn back lower from here. But a new all-time high ups the odds that a further leg up has now started. The next few days will be interesting to see what happens.

Silver Also Up, But Lagging Gold

Silver in NZ Dollars was up $1.19 (2.4%) from last week to $51.60. It is closing in on the 12-year highs from May, but is lagging gold and so not quite there yet.

While in USD silver was up 42 cents to $31.26 from a week ago. It has risen up off the blue uptrend line and broken above the blue downtrend line. So it looks to have made another higher low. Although we need to see Silverhead above the May highs now.

Early this year when gold broke out silver lagged then too. So it’s not a big surprise to see it doing the same here too. The odds of lower prices have dropped. But we’ve still left the support lines in the charts just in case of a dip.

Kiwi Dollar Dips Down 1%

The NZ dollar has again turned down from the downtrend line. Falling 60 basis points in the past 7 days to 0.6059. It continues to trade in this wedge or flag pattern which is getting narrower and narrower.

Need Help Understanding the Charts?

Check out this post if any of the terms we use when discussing the gold, silver, and NZ Dollar charts are unknown to you:

Gold and Silver Technical Analysis: The Ultimate Beginners Guide

Continues below

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Gold Survival Guide Q&A Call Recording: Analysing the Silver Breakout

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The theme was: “Analysing the silver breakout”.

We delved into various charts and looked at:

• Why this current breakout in silver is so significant
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• Some potential price targets to look towards in the future
• Timing for these targets
• Plus we answered over 30 questions from our readers

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