Gold’s Leadership Is Being Put to the Test 🌤️ The Morning Print
Good morning!
Gold is retesting a shelf of former resistance as it looks to put the finishing touches on a decade-long base relative to the S&P 500.
Here's the setup.
Gold has been on an absolute tear since its breakout in 2024, and has since doubled in value.
Its also outperformed the S&P 500 over that same period, and when you zoom out, you'll see a massive reversal pattern shaping up.
Gold broke out of this relative base but is back for a retest to see if this long-term trend change is legit.
Many have questioned the durability of the precious metals bull market, which is understandable given how extreme sentiment has felt at points.
But if the former highs successfully flip into support, it would signal that gold’s outperformance versus the broader market is likely just getting started.
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