Gold surges to record highs above $2,220

Yesterday evening, as the US stock markets charged higher so did gold. It has already lifted close to its current record highs before the US Fed boss helped it to surge above that level, at $2,195.15, after the US close. Gold then accelerated to new all time high right at the start of the Asian session, when it jumped to $2,220.89. It did shunt lower from there, to a low around $2,192, but it has rebounded back above $2,210 since then. However, for the past 4 hours the price has been consolidating the move, trading sideways in between $2,200 and $2,210. Now that it is further into uncharted territory, it is hard to detect a level at which this record run might stop. The best that truly be offered here would be upward trend line resistance on the long-term weekly charts and that would imply something close to $2,250 as a potential stopping point, but of course there is no guarantee it might get there. Gold is currently trading at $2,203.90