8 Minute Read

Tackle Today: Gold’s Redemption

May 27, 2021

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I forgive you 

Traders,

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!

Gold: Done!

Traders: You’re breaching the 200-day moving average. Now, Keep Going!

Gold: Duh!

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.

#TeamTackle


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!


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