FXstreet.com (Barcelona) - Gold has been rallying strongly for the last four weeks, gold prices have risen from $850 an ounce breaking resistance at $933.5 and reaching $987.4 so far (Jul 15 high). Once above here Gold could attempt to break $1,000, and from here, all time high at $1,033 would be on sight.
A fresh all-time high for gold prices would have its influence upon currencies such as AUD/USD and USD/CHF, the traditionally gold-related crosses.
AUD/USD should continue trending high aiming to levels between 0.6550 and 0.6600; breaking above 0.6535 would confirm the fact that recovery is underway.
The USD/CHF would also trend higher on a gold record high, in that case the pair could first break next resistance level at 1.1780 to aim for higher areas between 1.2 and 1.23, levels not seen since early December.