Chart of the Week: Gold

Gold has been surging since 2001, and closed over $400 per ounce for the first time since March 1996. Be it terrorism fears, economic re-inflation, or the weak dollar, the Macro environment has been kind to all the precious metals.

Gold (15 Year Chart)
Source: Chart of the Day

While the long-term trend is still up, it is worth noting that gold should consolidate technically, or even pull back to the lower support line. Expect the yellow metal to take a pause now that its crossed over the rarefied $400 per ounce territory.

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Quote of the Day:
“As fewer and fewer people have confidence in paper as a store of value, the price of gold will continue to rise.” – Jerome F. Smith

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