In this daily bar chart of GOLD, below, we can see how a strong rally has unfolded after an October-May sideways consolidation pattern. GOLD is above the rising 50-day and the bullish 200-day moving average lines.
The daily On-Balance-Volume (OBV) line shows a bullish trend the past 12 months and is close to making a new high for the move up.
The Moving Average Convergence Divergence (MACD) oscillator is poised to cross to the upside and a fresh go long signal.
In this weekly bar chart of GOLD, below, we can see how a two-year downtrend was broken in late 2018. A base developed and in May of this year an uptrend began. Prices are above the rising 40-week moving average line.
The weekly OBV line started an uptrend in September of 2018. The line weakened in July but should strengthen again.
The MACD oscillator is in a bullish mode and the strongest in the past three years.
In this weekly Point and Figure chart of GOLD, below, we can see an upside price target of $25 being projected.
Bottom line strategy: GOLD has been out of favor with investors for a long time. It looks like we are seeing an important turn-around and prices could rally further into the fall. Stay long and add to longs on available weakness. Risk to $15 and look for $25 are the next price target.