Gold Price Upleg Momentum Building

Gold’s young upleg just enjoyed a major upside breakout, bolstering strong technicals and heralding a coming Golden Cross buy signal.  Investors have started aggressively buying gold again after record-high stock markets distracted them.  This gold upleg’s upside momentum is really building, portending accelerating gains in coming months.  Yet sentiment remains poor, with traders still quite bearish on gold. Virtually no one is excited about gold these days.  Mainstream investors continue to ignore it like usual, while contrarians largely expect a lackluster sideways grind at best.  This apathy is the natural result of gold’s recent consolidation between late February and mid-April.  With 6+ weeks seeing no net progress, there was little to spark any enthusiasm.  Thus gold gradually faded from speculators’ and investors’ radars.
The Market Oracle

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