Chart Of The Day: Gold – Investing.com

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Middle East

Chart Of The Day: Gold – Investing.com

For weeks it has seemed no matter what happened, went nowhere. But today was different. Gold broke higher  – out of a month-long consolidation – and looks to have developed an inverted head-and-shoulder pattern. The neckline was at the 1782 level, and we close at 1793. RSI is pushing higher as well confirming the bullish momentum.

A couple big issues for the yellow metal standout:

1) We close at the 200-day moving average, and in recent months moves above the 200-day moving average have failed.

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