Gold stayed inside the trading range it has been in for the last eight weeks, closing last week at the lower end of the range at $1,688.00 per ounce. This consolidation can now provide support for another run-up in the current gold bull market.

Assuming that we get more upward moves, the question then becomes how much further gold prices will rise in the future.

Based on a comparison of past highs, GraniteShares CEO Will Rhind says he believes the gold rally still has legs, telling Yahoo Finance, “You go all the way back to 1980, which was the previous high in gold before the high we reached in 2011, and in 1980 gold prices reached about $800 an ounce. So inflation adjusted, that price is about $2,500 today. If you look at the all-time high for gold we’re nowhere near that today. And in 2011, the nominal all-time high was over $1,900. Remember gold has not gotten back to that level even right now. So from that perspective, gold is not like other asset classes that are trading at or near all-time highs. So, I think there’s still room to go.”

Rick Andrews is president of Avant Capital Management.