This Gold Chart looks quite "Bullish"!
My fellow Steemians,
During the past two years, the gold price has regained its shine again. It only seems to be a matter of time before the gold price rises to a new record price (measured in dollars). And an important gold chart shows that the real gold rally may still have to come.
Despite rising stock prices, more and more investors are seeking refuge in the gold market. And actually that is not surprising at all, because investors are now in need of certainty. The stock markets are unpredictable and the corona crisis can certainly cause serious stock market damage. Gold has been a safe haven for decades, and investors don't seem to have forgotten that.
Gold investors should keep an eye on this chart!
The chart above shows the price tag at the gold price. This graph shows that the gold price has arrived in an "over-bought" area. This is the case if the RSI indicator manages to rise above the 70 line. It is often said within the tech world that you should watch out for a top pattern when that 70 line is reached.
At the gold price, that 70 line seems to be a huge "Bullish" line. During the previous times when the yellow precious metal managed to rise above the 70-line, this has always led to a further price increase. Often then the real gold rally still had to start.
Gold investors now naturally hope for the same scenario.
Thank you for reading!