Chart of the Day - Friday, October 20, 2023

Today's Chart of the Day was shared by Peter Brandt (@PeterLBrandt). Gold continued higher this week by +2.72% after rising +5.22% last week, marking the best two-week advance in over three years. Peter points out that this month's candle is on track to engulf the prior six months of price action. It ran into resistance today at the July highs, around $2,000/oz., but still closed higher for the fourth consecutive session. $2,000 is the last hurdle before testing the all-time highs (around $2,090). Gold has also been surprisingly resilient to the recent strength in the US Dollar. Many have given up on the yellow metal, as it's fumbled three opportunities to break out in the post-pandemic era (August '20, March '22, May '23). Will the fourth attempt be the charm?