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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.]

By

Jim Wyckoff

For Kitco News

Contact jwyckoff@kitco.com
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.