Gold Gets Its Break

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After doing nothing but disappointing people since August 6th, gold has finally accomplished what was a formidable challenge: it has pushed above both its horizontal line and its descending trendline:


The trip of moving averages is slowly turned the corner as well.

slopechart GLD

Here is a closer look at the moving averages, showing what a slow struggle it has been.

slopechart GLD

I have long held out hope that gold would somehow shine again. We are not fully out of the woods, as gold has a knack for failing to follow through. But the long-term pattern is still absolutely intact for what could be a steady drumbeat of higher prices for years to come.

slopechart GLD FR M