Nobody is paying attention to gold these days as bitcoin and other cryptoassets have stolen gold’s gleam. Meanwhile, gold is mounting a quiet rally and that’s a very good sign for our favorite metal.
We’ve been bullish on gold for well over a year now and so far, we haven’t been disappointed. Since we last alerted you to the stealth rally in gold just six weeks ago, the price of gold has risen over 5%. This is almost as much as the well-publicized move higher in the S&P 500 over the same period of time.
Gold triggered a Stock State Indicator (SSI) Entry Signal last April and has slowly been moving higher. The high for the past year was in September at $1,346 and it looks as if gold may well push past this soon, which would be a very encouraging sign.
We think so.
The time-cycle forecast for gold supports the continuation of the uptrend. The forecast that we published last March has been very accurate.
There’s a good chance that this inverse relationship will continue in gold’s favor.
Next week, we’ll look at how this rally in gold has affected the gold miners and see if there are any opportunities that could be advantageous for investors.
The winds seem to be lined up behind gold’s sails and we could see it cross the $1,400 mark in the near future. The continuing focus on cryptocurrencies should allow gold to stay under the radar for a while. Under the radar and moving higher is a good combination.
Have a good weekend,
Richard Smith, PhD
CEO & Founder, TradeStops