After making fun of TAs using nominal charts, it is only fitting that I present you now with a bullish case on gold… using a nominal chart!
What do we have here? We have the counter-cyclical metal quietly lurking below very key resistance as the risk ‘on’ (cyclical) party plays out. We have the gold price above key moving averages, which are aligned bullish in that the shorter-term the M/A, the higher it is (EMA 10 above EMA 20, which is above EMA 40). We have volume expanding, monthly MACD and RSI both green and looking good, and the ADX extreme downtrend eliminated in favor of a fledgling uptrend.
Okay, now the rest is up to you barbarous relic. Let’s hope your most perma of pompoms don’t pump too hard in the weeks ahead. Slow and steady (and patient) wins the race.
Subscribe to NFTRH Premium for an in-depth weekly market report, interim updates and NFTRH+ chart and trade ideas; or the free eLetter for an introduction to our work. You can also keep up to date with plenty of actionable public content at NFTRH.com by using the email form on the right sidebar. Or follow via Twitter @BiiwiiNFTRH, StockTwits or RSS. Also check out the quality market writers at Biiwii.com.