Bullish Gold Charts Things are starting to look interesting on the gold charts.
Maybe it is partly because of the Ukraine issue, but gold is reluctant to sell off from the overbought condition that has existed since the rally from Dec. lows.
Instead, gold is holding up remarkably well and appears to be working off the overbought condition by going sideways for the last two weeks.
Gold stocks have been consolidating for about 3 weeks.
Check out these charts and note the excellent volume patterns on gold and GLD and the turn up in the moving averages.
This is excellent bullish action!
Key resistance on gold is $1355 and if price can get through on good volume, it looks like another leg up is in order.
Gold
https://stockcharts.com/h-sc/ui?s=$GOLD&p=D&yr=0&mn=3&dy=0&id=p41122251249
GLD
https://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=0&mn=3&dy=0&id=p82934320904
Gold stocks show a similar picture with the juniors being particularly strong.
GDX producers
https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=0&mn=3&dy=0&id=p48671665607
GDXJ juniors
https://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=0&mn=3&dy=0&id=p69316780562
goldguy