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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
gold fuel pump rally

Gold Taps New High, Indicators Show Rally Has More Fuel in the Tank

Tony Spilotro by Tony Spilotro
3 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 2 mins read
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Gold‘s growth continues to sustain, reaching new highs this week not traded since the last economic recession.

The rally also is showing very few signs it will slow down any time soon, and one particular indicator confirms there is “more fuel in the tank,” according to an analyst.

Gold Prices Soar to Over $1,730, Setting New Local High

Precious metals are rising once again in the face of a looming economic disaster due to the enormous impact left behind by the coronavirus.

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Gold is shining the brightest of the bunch, this week tapping a new local high price that hasn’t been traded since the Great Recession.

Related Reading | Gold Records Strongest Weekly Close Since Recession Recovery in 2013 

Following a brief, but powerful bear trap and selloff during peak coronavirus chaos, gold prices plummeted to $1,450, but already have quickly rebounded to over $1,730 at the time of this writing.

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gold xauusd price chart

According to one industry analyst, although gold’s recent “run looks extended,” there’s “a lot more fuel in the tank.”

With recession only just getting underway and so much economic uncertainty due to the coronavirus, combined with an extremely strained supply, gold prices are almost certain to soar in the coming weeks.

Even UBS analysts aren’t expecting a strong reversal in the precious metal until the back half of 2020, when Federal stimulus packages begin to gain traction.

$GOLD $XAUUSD New high, RSI sloping up, DMI jaws opening.

Run looks extended from 19 March but there's a lot more fuel in the tank technically before this consolidates. pic.twitter.com/romYyb7KNy

— Mercurial Trader (@mrflubberpants) April 14, 2020

Directional Movement Index Suggests Rally Has More Fuel in the Tank

The analyst’s theory is based on the Relative Strength Index “sloping up,” and the Directional Movement Index, or DMI “jaws” opening.

The Directional Movement Index is a trend measuring indicator created by J. Welles Wilder and is involved in calculating another indicator, the Average Directional Index.

When the two directional movement lines or “jaws” begin to diverge, it suggests the trend is strengthening and as the analyst says, it means there is plenty of fuel in the tank to push even higher in the coming days.

The DMI isn’t the only tool that features diverging lines referred to as jaws. The Williams Alligator also behaves in this manner, with the tool’s creator comparing the indicator to an animal eating when prices are trending, then closing its jaws when the trend has ended, and the animal is satiated.

Related Reading | Why UBS Analysts Expect a Strong Gold Reversal Despite Recent 7% Upsurge

Gold faces strong resistance at $1,750 dating back nearly a decade to the last recession. A break above that level could set gold on track for another push above $1,800 and toward a retest of the previous all-time high.

A new all-time high could send gold prices to as high as $2,000 according to some analysts, however, that would certainly require a substantial amount of fuel to get there. However, panic over the coming recession and the hyperinflation of the dollar due to Federal easing could provide the needed boost.

Tags: goldPrecious Metalsrecessionxauusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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