Commodities Analysis by Gary Tanashian covering: XAU/USD, Gold Futures, SPDR® Gold Shares. Read Gary Tanashian's latest article on Investing.com
bug doctrine, perma-cheerleading, lecturing, and rigid thinking. That is because like it or not, the macro is always shifting and doctrine or not, the macro shifted away from the precious metals in 2012 and only began recovering a gold-positive view in 2018. Since then it’s been a volatile process with incomplete macro fundamentals.
I still have a personal question as to whether the forces of bubble-making can hold ‘er together to and through the presidential election. But we don’t need to have the answer to that question. We need to manage risk and respect market signals and TA.Here is the thing; gold to me is an indicator as much as it is a monetary value retainer and risk manager. I disregard views of gold as some kind of play; as a market among other markets.
Getting off the idealist views and back to the technical view, gold’s weekly chart is purely bullish. The pattern of this chart targets 2450. This is a purely bullish breakout to blue sky. You see weekly and monthly RSI flirting with overbought status , but let’s discuss this for a moment. Traders will watch that stuff. But investors should realize how long gold stayed overbought during the hard-up phases of the previous bull market and the first-up phase of this bull market . I’ve shaded those instances.
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