Gold broke out decisively last week from its downtrend dating back to
last August, a development that was confirmed by a dramatic high volume
breakout by silver on Friday.
Gold broke out decisively last week from its downtrend dating back to
last August, a development that was confirmed by a dramatic high volume
breakout by silver on Friday.
Gold broke out decisively last week from its downtrend dating back to
last August, a development that was confirmed by a dramatic high volume
breakout by silver on Friday.
On its 8-month chart we can see that
gold broke out both from its downtrend and also from a
Head-and-Shoulders bottom. It even managed to close above its 200-day
moving average on Friday, although the fact that this average is still
falling coupled with an overbought reading on its RSI indicator may lead
to gold consolidating a little before it makes further gains. Overall
though this is a very positive picture, with a clear breakout, and a now
rising 50-day moving average that will lead to a bullish moving average
cross if gold can hold its gains made so far or if it advances further.
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