Gold continues to mount daily gains with the most recent occurrences resulting in the precious yellow metal trading to a flurry of new all-time record high closes. For the last fourteen trading days, since July 17, gold pricing has closed higher on twelve of those trading days.

The technical indicators remain bullish for gold, according to both Gary Wagner, editor of TheGoldForecast.com, and Jim Wyckoff, senior analyst at Kitco.

It’s about the Benjamin’s, at least for today. It was dollar strength that curtailed more upside gains in gold. Even with moderately higher dollar, once again gold futures closed at a new all-time record high. The most active December 2020 Comex contract traded to an intraday high $2009.50, and as of 4:14 PM EDT is currently fixed at $1991.00, gaining $5.10 (+0.26%) in trading today.

Gold has risen ten out of the last eleven trading days. This week alone gold has traded to a new all-time record high on four of the five trading days. Most impressive was the closing price of gold futures today.

After witnessing gold prices rise roughly $500 in the last four months, it is not illogical to expect prices to pull back at some point and enter a correction of some sorts. After nine consecutive trading days that resulted in higher pricing today gold showed its first sign of any weakness.

Today it was a combination of dollar weakness, and an extremely accommodative Federal Reserve that continued to support the current bullish market sentiment for gold. Dollar weakness began in the middle of March after reaching a high of 103. In the last four months the dollar has lost approximately 10% in value and is currently fixed at 93.245.

If the futures market is any indication of where traders think gold is going, then $2000 gold might be much, much closer than we think. Currently the December contract of Comex gold futures are trading at $1971.40, which is a net increase of $16 on the day.

While it may not be the best of times for the upper working class of America, it is certainly not the worst of times as it is for the millions of Americans that are out of work.

History was made today when gold pricing closed near the highest daily level since August 22, 2011. In fact, as of 5:50 PM EDT gold futures basis the most active August contract is currently settling at approximately $1900.30. On a weekly chart gold closed at a new record price for the highest weekly close.

It was another day in which the precious metals ran strongly to higher pricing. Initially both gold and silver spiked strongly in mid-March when the coronavirus epidemic grew into a global pandemic. Gold gained almost $300 as it traded from $1450 to $1788.