If you read The Star yesterday, you may find a post about how US Dollar, Gold and Silver price went up as affect of South Korea and North Korea issue. To be safe, they bought safe heaven, which is gold. The demand exceeded, that’s why you can see on yesterday, that Gold price went up.
How high will it be?
Below is four hourl gold price chart. Until the price did not break the yellow trendline… the price will then go down. 🙂 If the price do break the yellow trendline, then gold price will increase again. Maybe will create a new high.
But I believe, gold price will go down further more. Let’s look into daily chart.. we can clearly spot a head and shoulder pattern. Which is, if this pattern is valid, gold price will be bearish and should target at 1327.52 (as the first target).
If you have a plan to buy gold today, better to think twice. Otherwise, lets us pray and hope the price will break out of the yellow trendline on that chart.