Gold has gone parabolic in sixth straight day of gains

Technical Analysis

Author: Adam Button | gold

Gold up another $15

Gold up another $15
The last time gold rallied like this it was hitting $1900.

With today's $15 gain, gold is now up 9.8% month-to-date with a few days of trading still to go.

it's been the perfect storm of fundamentals and technicals leading to a massive breakout. It's risen in six straight days since the FOMC decision and has climbed in all-but-three days this month.

I wrote yesterday that gold hasn't looked this good in years and a headline like that is always a risk but the continued drumbeat of poor US economic data has helped to sustain the momentum. The bulk of today's gain came in the past half-hour following poor consumer confidence and new home sales numbers.

$1522 is the only real resistance I see ahead but with a parabolic move like this, you just hang on for dear life.

In the bigger picture, the rally in gold is a great sign that the multi-year bull market in USD is over.
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