Gold price consolidation - poised for the next move?
20.08.2010
The gold price appears to be consolidating again and we could well see its high tested and exceeded in September, historically a good month for the yellow metal.
The pattern of the gold price over the past few days is for it to move up in steps - it has been reaching a level to prompt profit-taking by less-committed holders and once this profit taking is exhausted it pauses for breath, before moving up another small step. These steps have seemed to be at about $5 intervals of late. But lack of significant holding movement in the ETF sector also suggests the firmer holders are remaining with the precious metal.
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