Chart of the Day - Thursday, May 4, 2023

Today’s Chart of the Day was shared by Katie Stockton (@StocktonKatie). It's a monthly chart of Gold futures over the past 18 years. Gold poked its head above the all-time closing highs earlier today before pulling back slightly. We can't officially call it an all-time high until it closes above $2,070/oz. The yellow metal has formed what resembles a cup & handle pattern, with an 11-year base as the cup, and a three-year base as the handle. Katie points out that it's above the 12-month moving average (red) and the Ichimoku Cloud (purple). Also, the monthly MACD has recently flipped into positive territory. As Katie suggests, Gold has set the stage for a multi-year breakout and rally.