For a couple of weeks now, there have been whispers. Whispers about the return of one shiny yellow metal that seemed to have fallen out of favor with much of the market. That shiny yellow metal we speak of is of course, gold.
One of the oldest forms of currency in human existence, gold has never fallen completely out of favor as it has never once been worth $0. As investors were run out of the banks, both literally and as a form of investing jargon, they found other assets to call home for the time being. While we may content the market looks pretty bullish here, there’s no doubt people have begun to renew their appreciation for gold once more.
That is why it is our stock trade of the day. Looking at the gold chart, ticker /GC, you can begin to see the bullish picture come into frame. We first had a massive run up from around 1618 back around the end of October to above 1950 at the end of January, only a few months later. After retesting a major resistance level turned support (a trade strategy we are big fans of here) the price began its trek back upward.
Now, we have another bullish chart pattern forming, which often points to higher prices ahead. Check out the video below for more…
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