Gold's trend remains bullish on the monthly chart, the weekly chart under the 18-week moving average giving a bearish bias with no trend and not yet oversold.
To be sure, Gold’s days are vehemently volatile, indeed as are its weeks per the following year-over-year graphic. The expected weekly trading range for Gold is now 369 points, the daily alone being 196 points.
HSBC analysts remain bullish in the longer term. "There remains a decent long-term investment case for gold, particularly amid ongoing global de-dollarization.”
The bottom line is that a technical trifecta is in play. The Dow, gold, and GDX are all hitting support with oscillators showcasing buy signals... at the same time.
SB 424 would have created a government-run gold depository, investment, and payment offering, even though these services are already widely available in the private sector.
