Why the Gold Price Could Rebound 12.8% After This Week’s Flash Crash

Jon Economy

This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission.
The gold price has been going strong over the long term, up 7.7% to $1,241 so far in 2017. But if you just look at its short-term price action, you’d be hard-pressed to find many bulls.
It’s frustrating to watch gold prices and feel like they’re not making any headway. And that’s especially true in the current context of a weakening U. S. dollar, which normally helps boost the metal…
While the dollar has fallen from 97.30 to 95.76 this week, the price of gold is also on track for a 1.2% weekly loss.
Yet if you look at gold’s price behavior from a technical perspective, there’s evidence that it’s actually holding up exceedingly well.

This post was published at Wall Street Examiner by Peter Krauth ‘ June 30, 2017.