Gold keeps on going

The US dollar shot higher in early trade yesterday. Despite this, gold was only modestly lower and it wasn’t long before it pushed back into positive territory. Gold ended Monday’s session with a gain of 0.7%, having recorded a fresh all-time intra-day high of $2,831, and a record close around $2,814. Once again, the best word to describe gold’s recent behaviour is resilient. Just six week’s ago, gold was trading below $2,600 having lost 5% over the prior week. Since then, it has made steady and measured upside progress in what has been a bit of a ‘stealth rally’. Despite it’s record highs, gold’s progress has passed with relatively little comment, particularly as far as retail investors are concerned. It is failing to make much impact with those investors who no doubt find it boring when compared to meme stocks and crypto tokens. There hasn’t been a significant pullback since mid-December, and the daily MACD is pushing further up into ‘overbought’ territory. That’s not to say that gold is about to tumble. But gold bulls should keep a close eye on the gold price, and think carefully about stops.