5 Global Charts For Active Investors – February 7

4.  Gold –  Resistance? 

Gold looks to be in the process of breaking out through the 1220 resistance point. The RSI indicator also appears to have snapped its brief bout of bearish divergence.  A successful breakout will put the 200 day moving average in play and potential further move higher.

At the same time speculative positioning is moving higher after putting in a higher low, as also noted in the latest Weekly Macro Themes (which also covered commodities as an asset class).  Overall technical view: Bullish bias, but on watch for any signs of a failed breakout.

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