Gold was a touch lower in overnight trade. Yet it continues to hold within sight of the all-time intra-day high of $3,675 hit last Tuesday. It has had a tremendous bull run since mid-August, having gained around 10% in the last three weeks.
Since then, the price has largely plateaued, with no significant pullback. Yet this brief period of consolidation is helping the daily MACD to settle down a touch after it climbed to the most overbought levels seen since it hit its previous all-time high of $3,500 back in April.
Source: TN Trader
Despite the renewed interest in gold, there’s been little evidence of retail traders joining the party so far. This is in stark contrast to previous record-breaking bull markets, particularly those from the late 1970’s and 2008-2011.
This is one of the reasons that some analysts insist that prices can go much higher from current levels. But it could be that gold needs a bit of a pullback first. After all, it hasn’t had a significant correction within the current bull market for around four months.
