The Phaserl


Gold Price In 2014 Consolidating Above Major Support Area

from Gold Silver Worlds:

So far, the gold price in 2014 in the first six months has been trading in a tight range between $1190 and $1390. The yellow metal had one significant rally in February / March and one moderate rally starting in June.

The spikes in the gold price in 2014 have been driven partly by fear and partly by inflation expectations. The first rally coincided with the outbreak of tensions in Ukraine. The second (modest) rally was driven by the US Fed statement mid June that inflation expectations are soaring.

Basic chart analysis shows that the gold price chart in 2014 has a clear “line separator” which has served as major support throughout the first half of the year. As evidenced by the first chart below, the $1270 – $1280 area has been resistance in the first weeks of the year and subsequently turned into support after the February / March rally.

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