Gold Z-Score
However, due to the potential U.S. election upset by Donald Trump, the decline in the U.S. dollar and general market turmoil, the gains in the yellow metal have come quickly.
Near-term, the z-score of daily price action is 2.19 (down from 2.5) with the stochastics showing a potential for an overbought sell signal.
On the other hand, the z-score on the weekly price action is -.39 and is combined with a healthy RSI and increased + DMI activity.
*Note: the pricing z-score measures current pricing in relationship to the mean. A measure of +/- 2 is a great indication of a counter-trend, pullback or correction point.
Translation: gold has the potential to pullback near-term, especially is Hillary Clinton wins the White House on Tuesday. But, the longer-term trend still remains intact and healthy for further upward extension.
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