No one can tell us we're wrong
Searching our hearts for so long
--Pat Benatar
Gold has made a nice run over the past few weeks. The 1200 level may have signified a classic 'double bottom' after being probed twice in the last six months or so.
Prices have pierced the downtrend line in place since 2012. The 50 day moving average is the near term bogey at 1350ish. If that falls, then 1400 becomes the next technical level of lore.
While weekly stochastics are approaching oversold levels, they are by no means 'twisty,' suggesting that there may be more energy in the current move.
position in gold
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Over the long run, the price of gold approximates the total amount of money in circulation divided by the size of the gold stock. If the market price of gold moves a long way from this level, it may indicate a buying or selling opportunity.
~Ray Dalio
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