Last week on the Commodities Countdown webinar, I pointed out that there were a few signals suggesting Gold could start to run. Here is the link to that webinar. Commodities Countdown Webinar 20160121 Today, that looks to be underway. There are a few things on the chart that signals this might have much more room to run. First, the SCTR is 96.8 which suggests it is one of the top performers. The purple relative strength is rising nicely. The MACD tried to turn down at the zero line and then started to accelerate back up which is very bullish. This breakout looks good. There will be some resistance around the 200 DMA and the 110 level on the left of the chart was important as well. This high SCTR is really encouraging.
If you do find an interest in looking back at the Commodities Countdown webinar from Thursday, The 26:00-minute mark, the 43:00-minute mark, and the 54:00-minute mark all have little discussions about gold. I will be covering off Gold on today's Canadian Technician webinar. The link to registering for that is here. The Canadian Technician 20160126.
Greg Schnell, CMT