Chart of the Day - Monday, July 31, 2023

Today’s Chart of the Day was shared by Nick Reece (@nicholastreece). Gold has been perking up again, only this time, nobody seems to care. Nick points out that the number of news articles mentioning Gold (white bars) has dropped to decade lows despite the fact that the yellow metal is less than 5% from record highs. The media has given up on Gold because it's been a case of the boy who cried wolf in recent years. It's fumbled three breakout attempts in the past three years now. Nobody knows if the fourth time will be the charm, but this lack of enthusiasm is bullish. It's also worth noting we're entering a bullish time of year for Gold prices.