I expected resistance at the 50-day MA in gold, but instead spot gold is consolidating above that mark this morning. Can sidelined participants still get a pullback to the low $1940’s mid 30’s from here? Sure, but if you are a stacker with sights set on all-time highs or more, you’ll have to decide whether it’s worth chasing the price up instead in my opinion.
The 5-minute gold chart below shows the current consolidation. A breach below could be the dip, but a breakout above will leave sidelined bulls to chase even harder.
Here is a daily chart showing the clear breakout and consolidation over the 50-day MA.
I think daily momentum will stay in the overbought position; the weekly chart below shows there is fuel for higher prices.
Without overloading this post with charts: The triangle I showed (Wednesday’s post) in S&P futures is breaking to the upside, I see no reason to be short, or sell longs thus far. As far as Bitcoin – my bias remains bullish, especially as it poked up to 31.8k yesterday for a higher high.
Thanks and good luck.
