Chart of the Day - Friday, February 11th, 2022
February 11, 2022
Today’s Chart of the Day was shared by Brian Shannon (@alphatrends). It's a weekly candlestick of the Gold ETF, $GLD, over the past four years. Gold futures rose for the sixth straight day today, to their highest level since mid-November at $1,865 per ounce. Price spent more than a year coiling into a triangle pattern, but we resolved higher out of that pattern today. Brian points out that Gold also poked its head above the AVWAP from the July 2020 all-time highs (red), signaling buyers have regained control. Gold has been pretty lackluster relative to Stocks and other Commodities over the past couple of years. However, recent price action has been very constructive and the long-term chart continues to look bullish.