Everything Gold Is Shining

Everything gold is shining today. Earlier this week, gold futures (GC) backtested the March 2021 lows. So far, this key support area has been defended and gold futures have staged a sharp two-day bounce. This pattern could be the start of a W-bottom pattern which is a very bullish formation.

When you think about all of the central bank intervention and government spending in the United States the fundamental backdrop looks very solid for the precious metals. Gold and gold miners have been pulling back since August 2020 and now look poised for a move higher at this time.

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Disclosure: I own GDX and have call options in IAU.

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