(Kitco Commentary) - After a brief intraday trip below $4,500, courtesy of the all-too-familiar Sunday evening open smackdown that carried into yesterday, the bulls' strength continues to shine through as buyers have stepped in to push the price back above $4,510 as of this morning.
Nothing has changed on the daily chart, with price continuing to squeeze between the parallel channel and the 50-day moving average overhead. But there is one development that is taking shape: the 50-day moving average is now flattening out rather than continuing to decline.
Although it's a bit too early in the week to add this to the list of bullish signals, it looks like another hammer candle is forming on the weekly chart.
If you believe that buying into depressed sentiment, with price momentum seemingly bottoming out amid a well-established upward trend driven by a macro theme rooted in the belief (fact) that governments engage in perpetual currency debasement, then this might be your opportunity to start—or add to—your physical stack.
