The gold miners are on the verge of reporting their best quarterly results on record, which should attract professional investors to this sector. Gold stocks are breaking out.
The "Fear Of Missing Out" trade in gold, silver, base and other precious metals, has returned. Expect a parabolic rise within 30 days to 4 months if prices remain stable for a week.
The pattern is up with higher lows and higher highs, at this point, the market is holding over the $2351 level, which is the current 18-day average of closes.
The battleground is likely around $2347, with the upper Bollinger Band at $2389. Momentum suggests the market bias and trend are up due to the swing line's higher lows and higher highs.
As long as gold stays over the 18-day average, I have a favorable attitude towards it. When you go to the swing line, it has higher lows and higher highs.
Central banks, led by Turkey, China and India, put a floor under the gold price in the face of outflows from exchange-traded funds (ETFs) in the recent past.
