Chart of the Day - Thursday, April 8th, 2021

Today’s Chart of the Day was shared by Macro Charts (@MacroCharts). It's a chart of Gold over the past decade. Gold is in somewhat of a precarious spot right now. The yellow metal fell 19% between August and March, but price has firmed up in recent weeks after finding support around $1,700 per ounce. MacroCharts highlights several bullish developments. For starters, Gold is attractive from a contrarian perspective considering the largest Gold ETFs recently saw massive outflows, suggesting market participants have capitulated. Secondly, both Gold and Silver printed bullish hammer candles last week. Lastly, Gold Mining Stocks have been acting strong over the past week, hinting that Gold will follow suit. The stage has been set for a rebound here, but the yellow metal has a lot to prove. Keep an eye on how price behaves in the weeks ahead!