Gold trades to a new all-time high today | Forexlive

Gold prices reached a new record high today. Spot gold rose to a record high of $2,081.82 per ounce. That move took out the 2022 and 2020 highs between $2070.59 and $2075.14.. The current price trades back below those levels that $2049.87. That’s still up $7.07 or 0.34% on the day. Going forward it would take a move back above the aforementioned 2020/2022 highs to increase a bullish bias.

Drilling to the hourly chart, high today also broke above the swing high from April 13 at $2048.79. The price is been trading above and below that level over the last few hours of trading after dipping to a post-all-time high low of $2031.

What next?

If the price can trade more comfortably above the $2048.79 level, a run toward the $2070.42 level would be eyed.

Conversely, the 50% midpoint of the move up from the April 19 low comes in at $2025.31 (see yellow area on the chart below). Move below that level and sellers would start to look toward the 100 hour moving average near the $2003 level. The 200 hour moving average is at $1992.30 (a moving higher). That MA would be another downside target that if broken would take some of the “bull” out of the market sentiment – at least in the short term.

The surge in gold prices was driven by safe haven demand following Fed Chair Jerome Powell’s warning of cooling economic growth and tightening credit conditions, coupled with concerns about a potential U.S. banking crisis sparked by the collapse of First Republic Bank, et. al. Today, a whole slew of regional banks are down sharply, but they are trading off their low levels. The KRE ETF is down $-2.10, but traded as low as $-3.64 intraday. Below is a snapshot of regional banks and their price changes today: