On the yearly chart for gold, notice that gold broke through upside technical resistance in the early part of this year and has continued higher ever since. Prices have run up against highs established in July of last year on strong volume.
The MACD states prices are moving higher. However, note the MACD is at its highest point of the last year. Also remember the chart above which shows prices are running into upside resistance at levels established last summer.
On the three months chart, notice the following:
-- Prices are above all the SMAs
-- The shorter SMAs are above the longer SMAs
-- All the SMAs are moving higher
-- The horizontal line at current price levels is the price level from last July.
