The gold price has been hitting ever-new records over the past couple weeks, now closing in on the $1,300 mark. Some gold followers are saying this is extremely bullish for the near-term price since it broke so decisively through its June 28th high of $1,261. If they’re right, how high might this particular surge go?
While the endgame for gold is far off in my opinion, it’s worth looking at short-term surges, especially if you’re trying to determine to buy at a particular level. Plus, it’s just darn fun.
I looked at all major surges in the gold price since 2001. What constituted a „surge,“ in my opinion? Any large jump or uptrend that’s clearly visible on an annual chart. So instead of looking at yearly gains or seasonal tendencies, I simply measured the percent gain of all big upswings that were the most obvious, regardless of when they occurred.
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