COMEX gold prices hit new record high of $1061.40 per ounce in third straight session

COMEX gold prices hit $1,061.40 per ounce, a fresh record high for a third straight session as investors bought the metal as a hedge against a weaker dollar. The recent rally has taken gold prices above the $1,032.80 level reached in March 2008. Gold has been one of this decade's best performing assets, rising on average by 15% per year. The US dollar has been hit by reports that the Gulf nations are thinking of ditching USD-based oil prices. Arab states are said to be in talks with Russia, China, Japan and France to replace the dollar with a basket of currencies. Gulf officials have denied it. It is the fear of a bout of global inflation, caused by government recession-fighting fiscal measures, that analysts see as the big cause behind the gold rally.

Like I've mentioned on the goldclubasia.com forum, it's probably wishful thinking at this stage but I'm looking for a rally to $1100+ where we sell the interim top, then a drop back to test $1000 where we buy the interim bottom. A fellow investor says he would like to see $800 to load up, whilst other forum members are talking about a pullback to $950. So there you are, a diverse lot of opinions out there. It *is* encouraging to say the least that we are apparently pulling away from a double-top scenario but I would like to see a few tests at either $1030 or $1000 to establish some sort of gold price support level. Dare I mention that we could be looking at consolidation if this thing keeps up? :)

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