Gold Price Convincing Upside Breakout Triggering Start of Intermediate Uptrend

On Thursday the dollar reversed dramatically to the downside and on Friday gold broke out upside, with both developments being predicated by the most bullish gold COTs for 14 years. On gold's 3-month chart we can see that, after trying the patience of bulls for weeks as the COT pressure cooker intensified, gold finally broke out on Friday. This was a big decisive breakout on strong volume which COTs indicate is "the real deal". Fortunately the COTs were already so bullish a week ago that we went long ETFs, stocks and Calls before the breakout. As we can see, even after Friday's big move, there is lots more upside potential here, as gold is still heavily oversold on its MACD and way below its 200-day moving average.

First published here: Gold Price Convincing Upside Breakout Triggering Start of Intermediate Uptrend