Gold Gets Its Break
Tim Knight | May 17, 2021 11:56AM ET
After doing nothing but disappointing people since Aug. 6th, gold has finally accomplished what was a formidable challenge: it has pushed above both its horizontal line and its descending trendline:
The trip of moving averages is slowly turned the corner as well.
Here is a closer look at the moving averages, showing what a slow struggle it has been.
I have long held out hope that gold would somehow shine again. We are not fully out of the woods, as gold has a knack for failing to follow through. But the long-term pattern is still absolutely intact for what could be a steady drumbeat of higher prices for years to come.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.