If you don’t believe in chart patterns and technical analysis, good luck trading gold.
GC has been buffeted by bad guys, bullied by Bitcoin, and bolstered by central bankers. Yet, despite massive manipulation, it has behaved in very predictable ways — though not without plenty of headfakes.
Most recently, GC popped back above a critical trend line that represented a clear separation of bullish and bearish paths. The long call was made easier by the USD behaving as expected. From 1250 to 1365 (yesterday) is a nifty 9.2% gain. Score one for the chartists.
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