Gold Goes Parabolic: When To Take Profits
Gold is on fire in 2020, up 10 straight sessions, around 25% over the past year and is breaking out to multi-year highs. However, the recent run-up suggests gold may be overheating and the technical image implies that a short-term mini-meltdown is likely. Furthermore, the fundamental backdrop coupled with the likelihood of an overreaction due to geopolitical uncertainty implies gold is probably headed for correction and/or a consolidation phase before it can continue to make new highs.
Technical View
Source: StockCharts.com
In its 9th straight up-day,