Chart of the Day - Wednesday, June 24th, 2020

Today's Chart of the Day was shared on Twitter by Carter Worth of Cornerstone Macro (@CarterBWorth). It's a chart of Gold over the past decade. The yellow metal has outperformed stocks in recent years, and today hit its highest level since 2012. Price has formed a massive base in that time and is now testing the 2011 all-time highs, around $1,800-$1,900 per oz. Carter describes the price action in Gold as 'truculent' - meaning aggressively self-assertive (don't worry we had to google it too). Now, let's not get ahead of ourselves, this is still a crucial test for Gold. Price still needs to break above those 2011 highs in the next few months. But if it does, there's virtually no immediate resistance to stop it from moving significantly higher over the next few years.