Chart of the Day - Thursday, July 9th, 2020

Today’s Chart of the Day was shared in a note from the team at All Star Charts (@allstarcharts). Gold has been in the spotlight lately as it flirts with all-time highs. Why do we care about all-time highs? It's simple. When price is at an all-time high there's little to no overhead supply to act as resistance, leaving the potential for significant upside. Gold peaked in 2011 around $1,900 per ounce, before tumbling about 45% to a low of $1,050 in late 2015. Flash forward to today, and price is just 5% below the 2011 all-time highs. Well, here's some good news for Precious Metals bulls - Gold is already at an all-time high when we look at Gold priced in other major world currencies. The table shows that Gold is already above its 2011 highs in nearly all of the 18 currencies shown, with the exception of the US and Hong Kong Dollar. Click here to read the full note.