Gold is Back Online

The current rally in gold (and silver, and their miners) seems like it is bringing out some raw emotions in a variety of market players, be it cryptocurrency longs, or gold and equity bears. 

But what we can say for sure is that the rally has yet to unravel. In fact, the longer this rally last without flinching, the more likely it is the beginning of a new bull market, continuing the one from last decade which spilled over into 2011. 

As one bit of evidence, consider the 200-period weekly moving average for gold's ETF, GLD. 

On the GLD weekly chart, below, note that this is the first time in over three years that the 200-period weekly (yellow line) is now rising, albeit slightly at the moment. 

Still, the progress is promising, and even the most steadfast gold bugs seem to be looking for a pullback in gold before buying more, which may mean we do not get it.