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This One Chart Explains Why Gold Is Surging Today

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When the fundamentals fail, turn to the charts. This chart explains why gold is surging today. Many technical traders and large hedge funds make short-term buy and sell decisions using what are called DeMark price exhaustion techniques. Gold, while showing a longer-term technical breakdown that could see the metal fall at least to 1247, according to Tom DeMark the creator of this analysis, yesterday the February gold futures contract recorded what DeMark calls a TD Buy Setup 9. This is simply 9 consecutive closes below the close four price bars earlier. After a 9 buy setup records, prices then are expected to recover within 1-to-4 price bars. And that is why gold is higher today. That and, of course, because it's gooooooold!

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