Whether or not you think gold is a great place to speculate for a market crash or just some pet rock, it’s an important piece in the MACRO market picture. Let’s dig in on the space as it’s at a key juncture.
The summer uptrend in gold was pretty steep, so we’re still looking for places to buy. The daily chart of gold shows that price is trying to find support at an old resistance.
From a weekly perspective, we see the rally stopped right around that old lid area. Also note price is now testing a rising 10 week moving average.
Gold Miners also find themselves testing the rising 10 week moving average.
So this is a pretty solid buy spot for gold and gold miners. We’ll see if it works and if it does how high it wants to go.
Trade ’em Well