Why Gold’s Long-Term Trend Is Still Up
- Date: 01-Jul-2021
- Source: Forbes
- Sector:Oil & Gas
- Country:Middle East
Why Gold’s Long-Term Trend Is Still Up
After a brief surge over $2,000 per ounce last summer, gold has been a lackluster performer - especially when compared to cryptocurrencies and technology stocks. The yellow metal is down approximately 15% since its peak in August 2020, when the coronavirus pandemic was still raging. Despite gold’s disappointing performance in the past year, basic technical analysis shows that gold’s long-term trend is still up.
First off, here is the daily chart of gold over the past year:
Daily gold chart
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