Gold price ended July at $1,974/oz which made last month the highest that gold has ever closed on a monthly basis-beating the previous high set back in August of 2011 of $1,823/oz. July also saw price make a new all-time high of $1,984/oz which beat Septemeber 2011's $1,920/oz. So far August 2020 has set a new all-time high of $2,030/oz which was made today with price currenty holding near that level.
The current monthly candle is yellow which indicates that there is bullish momentum volatility behind price, or extreme trader optimism. May, June and July were all yellow candles as well which shows that there has been extreme optimism in the gold market for the past four months.
The Relative Strength Index(RSI) shows the green RSI line rising above the purple signal line which indicates short-term bullish momentum behind price. Both lines are above the 50 level which is the midpoint of the total RSI range. In general, when the green RSI line is trending above the 50 level it indicates bullish momentum in the intermediate-term while an RSI reading below 50 would indicates bearish momentum in the intermediate-term. Overall, the monthly RSI for gold is bullish since we have the green RSI line trending above the purple signal line, both lines rising, and both lines are above the 50 level.
The Price Percent Oscillator(PPO) shows the green PPO line rising above the purple signal line which indicates short-term bullish momentum behind price. Both lines are above the 0 level which indicates that there is bullish momentum in the intermediate-term for price as well. In general, when both the green PPO line and purple signal line are trending above the 0 level it is considere a bullish momentum indication for price, and vice versa when both lines are declining below 0.
The Average Directional Index(ADX) shows the green directional line trending above the purple directional line which indicates that there is a short-term bullish trend behind price. The histogram in the background is green and rising which indicates that the short-term bullish trend in price is increasing in strength. In general during an uptrend in price, you want to see the green direcitonal line above the purple direcitonal line and for the histogram to be rising as it is now.
Overall, the view on gold price remain bullish with the expectation that gold and gold-related stocks will continue pushing higher this year, as well as silver and silver-related stocks. Current holdings are: GDX, GDXJ, GPL, CDE, HL, KGC, EXK, NGD, MUX, AG and physical silver since I expect silver to continue to outperform gold during this rally.
The current monthly candle is yellow which indicates that there is bullish momentum volatility behind price, or extreme trader optimism. May, June and July were all yellow candles as well which shows that there has been extreme optimism in the gold market for the past four months.
The Relative Strength Index(RSI) shows the green RSI line rising above the purple signal line which indicates short-term bullish momentum behind price. Both lines are above the 50 level which is the midpoint of the total RSI range. In general, when the green RSI line is trending above the 50 level it indicates bullish momentum in the intermediate-term while an RSI reading below 50 would indicates bearish momentum in the intermediate-term. Overall, the monthly RSI for gold is bullish since we have the green RSI line trending above the purple signal line, both lines rising, and both lines are above the 50 level.
The Price Percent Oscillator(PPO) shows the green PPO line rising above the purple signal line which indicates short-term bullish momentum behind price. Both lines are above the 0 level which indicates that there is bullish momentum in the intermediate-term for price as well. In general, when both the green PPO line and purple signal line are trending above the 0 level it is considere a bullish momentum indication for price, and vice versa when both lines are declining below 0.
The Average Directional Index(ADX) shows the green directional line trending above the purple directional line which indicates that there is a short-term bullish trend behind price. The histogram in the background is green and rising which indicates that the short-term bullish trend in price is increasing in strength. In general during an uptrend in price, you want to see the green direcitonal line above the purple direcitonal line and for the histogram to be rising as it is now.
Overall, the view on gold price remain bullish with the expectation that gold and gold-related stocks will continue pushing higher this year, as well as silver and silver-related stocks. Current holdings are: GDX, GDXJ, GPL, CDE, HL, KGC, EXK, NGD, MUX, AG and physical silver since I expect silver to continue to outperform gold during this rally.