The Golden break

There was an interesting break for #Gold yesterday, now only about 110/OZ away from the 11870/OZ resistance. A break and close above $1870 could very much see it test the $1900 levels. I still believe that the camel's back was broken in early January when the higher lows were confirmed in the uptrend that started at the end of September. This coincided with the same time we've seen Gold making a Golden Cross (50day moving average breaking above the 200day).

This week the ultra-short-term 8day moving average (EMA) broke above both the 50day & 21day EMA's and pointed upwards. This tells us that the short-term trend is healthy for sure.

Although a little bit overbought, the 14day RSI doesn't find itself in extreme oversold territory yet, which tells me that Gold might shine a bit longer.