A Bullish View of Gold (monthly)

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.

gold

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.

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