Gold makes the break above $2,048

For quite a few days now I have been highlighting a double top on the daily charts above $2,047 on gold. At the same time, noting the potential for a price extension if 2,048 was taken out. Well, much earlier this morning that did finally transpire. Gold rose swiftly to reach a new interim high at 2,055.03. The metal had closed last night in the US at 2,045.95 and it has not traded below that closing level since. The only slight disappointment from a pure trading perspective, is that gold did not punch it way higher once the break occurred. It may still do that of course, but it is probably going to require some help from elsewhere as usual. We shall see on that of course. Gold is currently trading at $2,050.10