Gold Is Glittering Again; Can It Break 4-Month Highs Near $1875? – Investing.com

Gold Is Glittering Again; Can It Break 4-Month Highs Near $1875? – Investing.com

There’s no beating around the bush: Gold’s performance through Q4 of last year and Q1 of this year was immensely disappointing for precious metal bulls. Despite political uncertainty, rising bond yields, a falling US dollar, and hints of inflation amidst unprecedented economic stimulus across the globe, steadily fell until eventually forming a double bottom beneath $1700 in March.

Just when even the most hardcore of gold bugs was losing faith, the yellow metal has quietly formed a bullish channel over the last six weeks. Over that same period, the 14-day RSI indicator has formed a bullish channel of its own, signaling growing buying pressure behind the move and the potential for it to extend further in the weeks to come: