{"id":19479,"date":"2022-03-07T07:30:05","date_gmt":"2022-03-07T12:30:05","guid":{"rendered":"https:\/\/www.jeffclarktrader.com\/?p=19479"},"modified":"2022-03-07T07:30:05","modified_gmt":"2022-03-07T12:30:05","slug":"everyone-keeps-asking-me-about-this-metal","status":"publish","type":"post","link":"https:\/\/jeffclarktrader.com\/market-minute\/everyone-keeps-asking-me-about-this-metal\/","title":{"rendered":"Everyone Keeps Asking Me About This Metal"},"content":{"rendered":"

Suddenly, everyone is talking about gold.<\/p>\n

That old relic of a metal that almost no one cared about a month ago, is now one of the most popular topics on Twitter.<\/p>\n

Financial media talking heads are turning bullish<\/a> on gold. And the most common question I get from friends and relatives is, “Is it too late to buy?”<\/p>\n

There’s no easy way to answer that question…<\/p>\n

In hindsight, the best time to buy gold was four weeks ago when we warned, “This Sleeping Giant is Ready to Breakout<\/a>.”<\/p>\n

Here’s an updated look of the chart I showed you back in February…<\/p>\n

\"\"<\/p>\n

(Click here to expand image)<\/a><\/p>\n

Now, gold has broken out to the upside of a year-long consolidating triangle pattern.<\/p>\n

It looks headed to our upside target just above $2,000 an ounce. It might even get there this week… or even today.<\/p>\n

But I’m not sure the risk\/reward setup justifies buying gold right here – $140 an ounce higher than where it was last month.<\/p>\n

The Commodity Channel Index (CCI)<\/a> – a momentum indicator at the bottom of the chart – is well into overbought territory. Though, the MACD<\/a> and RSI<\/a> momentum indicators still have room to push higher.<\/p>\n\n\n\n
\n

Free Trading Resources<\/strong><\/p>\n

Have you checked out Jeff’s free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career \u2013 at zero cost to you. Just click here<\/a> to check it out.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

So, the signals are mixed. That likely means there may be more upside ahead, but we’re approaching a turning point.<\/p>\n

And, with investor sentiment (a contrary indicator) having shifted so quickly from bearish<\/a> to bullish, the risk of a short-term price reversal is greater than the potential reward of a continued move higher.<\/p>\n

Traders who already own gold can hang on and ride the rally towards our upside target.<\/p>\n

Folks who don’t own any gold yet need to understand the risks of chasing the price higher into overbought conditions.<\/p>\n

We might see a better risk\/reward setup one or two months from now than what we’re looking at today.<\/p>\n

Best regards and good trading,<\/p>\n

<\/p>\n

Jeff Clark<\/p>\n

Reader Mailbag<\/strong><\/h2>\n

Did you buy gold last month? Or are you considering buying it now that it’s trending?<\/p>\n

Let us know your thoughts – and any questions you have – at feedback@jeffclarktrader.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Is it too late to buy? <\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"service":"","footnotes":""},"categories":[1],"tags":[],"publication":[10],"person":[7],"newsletter-type":[],"ticker":[],"class_list":["post-19479","post","type-post","status-publish","format-standard","hentry","category-market-minute","publication-market-minute","person-jeff-clark"],"acf":[],"ai_tts_audio_outdated":false,"ai_tts_legacy_post":false,"_links":{"self":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/19479","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/comments?post=19479"}],"version-history":[{"count":0,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/posts\/19479\/revisions"}],"wp:attachment":[{"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/media?parent=19479"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/categories?post=19479"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/tags?post=19479"},{"taxonomy":"publication","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/publication?post=19479"},{"taxonomy":"person","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/person?post=19479"},{"taxonomy":"newsletter-type","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/newsletter-type?post=19479"},{"taxonomy":"ticker","embeddable":true,"href":"https:\/\/jeffclarktrader.com\/market-minute\/wp-json\/wp\/v2\/ticker?post=19479"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}