by David Brady
Sprott Money
Gold has gone almost straight up from 1780 on January 28, when Ukraine tensions began in earnest, to just shy of a new record high at 2079 on Tuesday. Let’s look at the bullish and bearish case for Gold going forward.
BEARISH
Gold is extreme overbought here. It reached a daily RSI peak of 80 on Tuesday. The MACDs hit their highest levels since the record high in August 2020. There is also little doubt that Gold is at its most bullish since that prior peak also.