Not a bad move on gold this week. Needs to take out the multi-year high at $1566 though. pic.twitter.com/cKKkcaqj8L
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) January 3, 2020
Today’s Chart of the Day was shared on Twitter by Mike Zaccardi (@MikeZaccardi). It’s a weekly candlestick chart of Gold futures over the past three years. 2019 was an excellent year for Gold bugs. The precious metal rose 18.83%, marking its best year since 2010. Price hit a multi-year high around $1,566 per ounce in early September but pulled back about 7% to $1,446 over the next couple of months. Since then, price has rebounded to where it’s currently trading, around $1,550 per ounce. The past two weeks have been particularly strong for the yellow metal, and it’s on an impressive 8-day winning streak. Mike points out that the next test for Gold will be for price to break above the September highs around $1,566.