Gold prices poised to challenge all-time high

The monthly continuation chart for nearby Comex gold futures reads very bullish. Prices have been trending higher since the late-2015 low. The uptrend has accelerated in recent months, with the next upside target being longer-term chart resistance at $1,600.00. The acceleration of the longer-term price uptrend suggests a challenge of the all-time high of $1,908.60, scored in 2011, or above. A drop in nearby Comex gold futures back below longer-term chart support at $1,375.00 would dent the bulls' longer-term technical strength.