- In the short term, gold is strong. In fact, it's outpeforming the CRB Index, a basket of commodities. And its Stock Charts Technical Rank (SCTR) is 73.6. This means gold is stronger than most stocks.
- And sure enough, gold has made a double bottom on a weekly chart.
- Also, we've just gotten a bullish MACD (momentum) signal on the weekly gold chart.
- What's the one thing missing? Strong momentum. We need bullish momentum to confirm this move.
(Updated, larger chart)