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Comex gold futures poised for record-high monthly close

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(Kitco News) - If Comex gold futures prices can hold near present levels seen on Friday morning, the yellow metal would close this last trading day of the month at a record-high monthly close, basis nearby futures. The previous record-high monthly close in gold futures was recorded in July of 2020, at $1,973.30.

Weekly, monthly, quarterly and yearly high closes on the last trading day of each timeframe are considered significantly technically bullish for a market. The near-term and longer-term technical postures for gold were already bullish, and a record monthly high close today would just add fuel to that technically bullish fire.

The all-time intra-day record high in nearby gold futures came in March of 2022, at $2,078.80. Given the present very bullish chart posture in gold, that record intra-day high is well within reach in the coming weeks, or sooner.

Live 24 hours gold chart [Kitco Inc.]

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