Chart of the Day - Tuesday, May 18th, 2021

Today’s Chart of the Day was shared by Nautilus Research(@NautilusResearch). It's a chart of Gold over the past six decades. There's been a lot of chatter about Gold this week, and rightfully so. The yellow metal reached a five-month high of around $1,870 per ounce today. Also, It's begun to outperform Stocks and even Bitcoin over the past month. You may remember, Gold broke out to an all-time high last summer for the first time in nine years. A lot of chart watchers were expecting a multi-year bull market for Gold from there given the massive base it had formed. However, the rally was very short-lived. It rallied about 7% over the course of just 8 days before topping out around $2,070. It then spent the majority of the past year correcting nearly 20% from its highs. Nautilus points out that each generational breakout in the past has seen a similar type of 'stumble'  or correction before the rally gained traction. Price is still about 10% below its all-time high, but it's looking like the bull market in Gold that everyone was anticipating last summer could be back on the table.