Chart of the Day - Wednesday, January 19th, 2022

Today’s Chart of the Day was shared in a note by John Roque of 22V Research. It's a monthly chart of Gold over the past two decades. Gold struggled in 2021 while just about every other Commodity rallied. However, it's off to a great start so far this year, settling at a 2-month high today. John's view is that Gold was actually the first to tip-off the bull cycle in Commodities when it broke out back in Summer 2020. It fell asleep last year, but it's waking up once again and looks poised to continue working higher. John explained "Not only is Gold now showing some chutzpah on an absolute basis, but it is on a 3-month winning streak relative to Bitcoin and at a 7-month high versus NASDAQ. Gold is above its upward-sloping 50-, 100-, and 200-day moving averages and, since it is only rubbing the sleep out of its eyes, is not remotely close to being overbought on our daily or weekly momentum work."