Gold Price Analysis: No pullback as gold moves closer to all time highs

• Gold is another 1.22% higher as the dollar breaks down again.
• The next main technical resistance is the all-time high.

Gold monthly chart

Gold is once again pushing higher and trades 1.22% in the black on Tuesday. Many analysts have boasted about the rise in the precious metal over the last couple of months but looking at this chart below it is clear to see why. 

It is amazing that the next major resistance is the all-time high at USD 1920.94 per troy ounce. The monthly chart below shows how far the price has come in such a short space of time. Since the COVID-19 pandemic began the price has risen nearly 20% but it may not have been the safe haven aspect that pushed the price to these extreme level but the endless amount of QE that has been implemented. 

There is no way of knowing where the price could head if the price breaks the highs. But as long as the stimulus keeps getting added to the financial system it's clear that this uptrend is going to continue. The key psychological figures are good resistance zones and 2K is the next one. The USD at weakness is helping to fuel this bull trend, the greenback has pushed to very extreme levels so if there is some relief for the dollar it may mean a pause in the gold rally might be on the cards. For now, the uptrend continues.

Additional levels