Bull flag breakout in gold is in its 9th day
While attention for a lot of us (well, me at least) has been on silver and its ratio to gold lately, * the gold price has sneakily held its bull flag breakout. Day 9 and counting. The daily chart’s overbought signal by RSI is worked off and MACD is coiling along fairly constructively in positive ground.
My personal upside measured target (3000+), in place since 2020, has long-since been taken out and now gold appears set up to make a new high above the April high of 3500. That’s the story of the chart as long as the uptrending 50 day moving average holds.
Old Turkey: “It’s a bull market, you know.”
* For its implication on other market areas, particularly commodities.
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