Gold extends record weekly close- how far can it get?

The record run for Gold continues unabated on Friday. The metal rose to set a new all time high at $2722.57 ahead of the US close and later posted a new record daily and weekly close, at $2,721.46. The noted European and US price gap, to around $2,695 was not filled, as at no point on Friday did the metal trade below the $2,700 handle. Looking at the longer term chart on this one there is a potential target area higher up which might provide some resistance if reached. This is around the $2,750 mark and it defines the top of a rising trend channel that has been in place since the end of July. Well, has pushed even high so far today, rising to set a new record at $2,732.82 a short while ago. The earlier session low was set at $2,719.73. The metal is just now trading at $2,727.30