Gold Daily Chart Rally Update!

I’m sure that gold investors are jumping up and down with glee this morning as gold made a great looking vertical move to the $1224 price level. I take it as another gold bear market rally as gold has to impress me by the 50-Day MA line becoming support. Silver moved as well but silver is just getting close to the 50-Day MA.

The Platinum chart looks like this daily chart except it went sideways and flat before it crashed to new record lows.

The speed of the rally should give us a clue that it could be an emotional rally, not the start of a real trend.  Emotional buying for FOMO reasons never last. The US dollar would have to keep imploding like it did this morning.

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