Why is the longer trend down? Around the start of the year we were at $1,050 and now we are at $1,310. We are in a confirmed bull market and longer term charts of previous bull markets have shown surges in price and then retracements. Should we be obsessing over weekly charts when it's 100% guaranteed that in bull markets there are going to be pull backs?
Gold fell from $1,900 to $1,050 because it was in a bear market. Of course price surged multiple times in that period, but in the end followed in line with the trend. So to me isn't the longer term price bullish?
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