Love Means Never Having to Say You're Sorry for Buying Gold

Although it has generally been tough sledding for gold bugs since 2012 or so, gold bears have not had such an easy time since early-2016. The net result has been tons of fake-outs in both directions, with gold, silver, and their derivative miners seemingly shaking as many traders off of them as possible before the eventual directional break, whenever that comes. 

Given the rally alongside equities today on the back of inflation fears, we are seeing a change of character to a degree, since plenty of big rally days in equities in recent years has often seen gold getting sold aggressively. Not today, though. 

In fact, buy volume on the GLD ETF and a few of her miners is rather impressive, heading into the closing bell.

Gold has been a bad Valentine's Day gift for a while now, but looking at the GLD weekly chart, below, gold is knocking on the door once again for a multi-year breakout. 

$130 must be adequately negotiated. But the calls for gold to go back down and break multi-year lows will be under a good deal of pressure if we see gold bugs piece together constructive action off today's promising strength.