(Kitco News) - The weekly continuation chart for nearby Comex gold futures shows that prices are in a longer-term price uptrend. In fact, nearby gold futures prices have been trending higher for 10 years on the monthly chart. "The trend is your friend" in trading markets, and the longer-term price trend in gold remains strongly up. See at the bottom of the weekly gold chart that the Directional Movement Index (DMI) has a green ADX line reading of 41.83.
Any ADX line reading above 30.00 suggests a strong price trend is occurring in a market. Indeed, the longer-term price uptrend in gold futures remains very strong. It would take a move in nearby Comex gold futures prices below the last "reaction low" on the weekly chart, now located at $1,478.30, to even begin to dent the strongly bullish longer-term technical posture of the precious yellow metal.
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