The precious metal was once again seen rallying as price touched a new six-year high briefly at 1426 an ounce. The gains came following reports of a lack of progress on the trade talks between the US and China. The US economic data on housing was also disappointing leading to a modest risk-on sentiment.
Gold prices edged higher, once again testing the previously established resistance levels near 1423. In the process, price action has formed an ascending triangle pattern. A breakout above the resistance could indicate further gains in the near term.
Goldplat plc (LON:GDP) is an AIM-listed, profitable gold recovery services company with two market leading operations in South Africa and Ghana.