The gold rally hasn't lost its shine, but Matt Maley of Miller Tabak says one technical red flag is waving.
this year broke above an eight-year trend line stretching to a 2011 peak, and recently snapped above a long-term sideways range, says Maley. This, he says, backs up the long-term bull case for gold.
Gold's relative strength index, a momentum indicator, has spiked above 80 on a weekly basis. It briefly traded at this level eight years ago but has not traded well above it in 13 years. This, he says, could lead to a near-term drawdown in prices. Chad Morganlander, portfolio manager at Washington Crossing Advisors, says global headwinds make the case for gold exposure in a well-rounded portfolio.
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