Let’s stop talking about equities for a moment and turn our attention to the one thing whose bull market I always applaud, which is GOLD. Looking at symbol GLD there is some very interesting action happening in the form of a symmetric triangle whose breakout could yield an exciting new up-leg.
Here is a closer look. We have (barely) pushed past the price gap and have (barely) sneaked above the August 2020 downtrend. A “pop” above this would set things in action.
If we make the drawn objects and even the price data disappear, and show only the trio of exponential moving averages (50, 100, and 200 day) you can also see how we may be subtly revving up for a firm new bull market.
