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Gold technicals are wound up in a massive pennant formation. It is well-seasoned, with upper resistance running back to August 2020 and lower support to March 2021.
These major lines will converge in coming months, forcing a breakout. That’s highly likely to be an upside one, as pennants are continuation patterns and gold entered this powering higher.
These technicals are very-bullish. And they are supported by strong fundamentals. Specs’ gold-futures positioning has far more room for buying than selling. That should be catalyzed by raging inflation.