Gold’s rally is showing signs of a revival.
The spot metal has posted two straight weekly gains, and at least one technical signal is pointing to further increases. Bullion’s moving average convergence-divergence indicator, a gauge of price momentum, crossed above the so-called signal line last week for the first time since early August in a bullish sign for traders who follow price patterns.
Of course, never ending juice from The Federal Reserve is helping.
And the juice isn’t going away until after 2023 (according to the Fed Dots plot).
Its a shame for the people of Venezuela that they can’t pump gold instead of oil given that their 9.25% sovereign bond has fallen from over $100 in 2013 to $9.28 today.