Can Gold retest its Aug/Sept Highs???

A quick look at the short-term chart on gold.

Gold has risen back above its 50 DMA today…and it has broken above its short-term trend-line (going back to the early September highs). If it can now break above $1,520 (which is its intraday highs from 3 different days this month), it should be quite positive for the yellow metal. This will be particularly true because its MACD chart is starting to show signs of it “crossing” to the upside.

Any long positions that are initiated or added with a break above $1,520…should have tight stops, but there’s no question in our minds that gold is starting to look a lot better right now. We HAD been thinking that gold need to sell-off down below $1,450 before it saw another sustained rally…but its sideways move this month has worked-off a lot of its (former) overbought condition. So we’re turning more constructive on gold on a short-term basis. (We had remained constructive on a long-term basis throughout the past two months, but we did think it would have to take a “breather” over the near-term.)……..Needless to say, if it breaks above its Aug/Sept highs, it’s going to be very bullish for gold on a short, intermediate AND long-term basis.)

To get comments like these on a regular basis, please click here to subscribe to my premium market letter, The Maley Report (

Matthew J. Maley

Managing Director

Chief Market Strategist

Miller Tabak + Co., LLC

Founder, The Maley Report

275 Grove St. Suite 2-400

Newton, MA 02466


Although the information contained in this report (not including disclosures contained herein) has been obtained from sources we believe to be reliable, the accuracy and completeness of such information and the opinions expressed herein cannot be guaranteed. This report is for informational purposes only and under no circumstances is it to be construed as an offer to sell, or a solicitation to buy, any security. Any recommendation contained in this report may not be appropriate for all investors. Trading options is not suitable for all investors and may involve risk of loss. Additional information is available upon request or by contacting us at Miller Tabak + Co., LLC, 200 Park Ave. Suite 1700, New York, NY 10166.

Posted to The Maley Report on Oct 31, 2019 — 1:10 PM
Comments on this post have been disabled by the Maven.