≈ I forgive you ≈
The respect that gold has been giving technical signals since March has been a sight to behold.
Traders: You’re at support. Now Bounce!
Gold: You got it!
Traders: You’re breaking resistance. Now Follow Through!
Traders: You’re breaching the 200-day moving average. Now, Keep Going!
The yellow metal didn’t use to be so well-behaved. Throughout the back half of 2020 it had multiple fakeouts. They were nasty in nature with painful punishment. More than a few traders were suckered into going bullish just before the rug was pulled out from under them. I was one of them.
I swore off trading the dirtbag for a while. But my love has been rekindled. How could it not be? Gold is giving traders everything they’ve asked for. Here’s to hoping it continues into the summer.
Chart of the Day
Gold is Glittering
The price chart of gold over the past two months has provided a master class in how technical analysis works. The principles of support and resistance, as well as trends and moving averages has been on full display. Prices aren’t always well-behaved. But when they are, take advantage of it!
Video of the day
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