Chart of the Day - Thursday, October 17, 2024

🏆  Today's Chart of the Day was shared by Larry Tentarelli (@bluechipdaily).
 

• Gold made a fresh all-time high today, closing above $2,700 per oz. for the first time in history. 
   
• After a three-week pause, the yellow metal has resumed its robust uptrend. Throughout this consolidation, it pulled back -2.6% on a closing basis and -3.3% on an intraday basis.
   
• Gold is on track for its best year since 2007. It has quietly outperformed stocks, up +30% YTD, while the S&P 500 is +23%. 
   

Takeaway: Gold has resumed its long-term uptrend after breaking out of a three-week consolidation phase today.