GOLD BREAKS TO A NEW HIGH AND CAN GO MUCH HIGHER, STOCKS AND GOLD RUNNING ON 50 BPS CUT
By Nigam Arora & Dr. Natasha Arora
To gain an edge, this is what you need to know today.
Running On 50 bps Rumor
Please click here for a chart of gold ETF (GLD).
Note the following:
- The chart shows when gold broke out back in March.
- The chart shows a new breakout in gold. Gold is hitting an all time high.
- The chart shows that the breakout is on higher volume. This shows conviction.
- RSI on the chart shows that gold is approaching the overbought level but is not yet there.
- The chart shows the support zone. How gold reacts if it pulls back into the support zone will be a tell.
September 13, 2024