The "Fear Of Missing Out" trade in gold, silver, base and other precious metals, has returned. Expect a parabolic rise within 30 days to 4 months if prices remain stable for a week.
The pattern is up with higher lows and higher highs, at this point, the market is holding over the $2351 level, which is the current 18-day average of closes.
The battleground is likely around $2347, with the upper Bollinger Band at $2389. Momentum suggests the market bias and trend are up due to the swing line's higher lows and higher highs.
As long as gold stays over the 18-day average, I have a favorable attitude towards it. When you go to the swing line, it has higher lows and higher highs.
Central banks, led by Turkey, China and India, put a floor under the gold price in the face of outflows from exchange-traded funds (ETFs) in the recent past.
Can the Fed print its way out of a margin call when it all goes wrong? You can crash and burn with the rest in this Investing Age of Stoopid … or instead give thanks for Gold!
