Gold performed a triangle breakout today(solid orange) and is now testing overhead resistance(red dashed) which stems from a local high at $1613 made on January 8th. Short-term resistance that needs to be beat to keep the immediate trend on the up and up is the red dashed line, a move above there will likely see a continued move higher for the foreseeable future.
The PPO is seeing a bullish cross while trending above the 0 level which indicates that gold remains in a bullish trend on a day-to-day basis.
Short and intermediate-term trends for the shiny metal continue to remain bullish, especially with central banks around the globe keeping their printing presses on full-auto in order to keep the global stock expansion chugging along. Plus, there's still that coronavirus out there that doesn't appear to have been priced in yet, mainly due to the fact that central banks are broadcasting that they will print as much is needed to keep the global stock expansion moving higher. Both the virus and printing is ultimately bullish for gold.
The PPO is seeing a bullish cross while trending above the 0 level which indicates that gold remains in a bullish trend on a day-to-day basis.
Short and intermediate-term trends for the shiny metal continue to remain bullish, especially with central banks around the globe keeping their printing presses on full-auto in order to keep the global stock expansion chugging along. Plus, there's still that coronavirus out there that doesn't appear to have been priced in yet, mainly due to the fact that central banks are broadcasting that they will print as much is needed to keep the global stock expansion moving higher. Both the virus and printing is ultimately bullish for gold.