Bullish Pattern Could Send Gold Prices Much Higher
Chris Kimble | Jun 03, 2022 02:09PM ET
Gold prices and precious metals bulls have been biding their time.
While gold has traded sideways-to-lower, bullish investors have simple sat tight, waiting for a bigger move.
I have shared today’s chart pattern several times ( from over a year ago), but it seems important to update once again as we ask the question, “Is a big move nearing?”
Above is a long-term monthly chart of the gold-U.S. dollar ratio.
After a sharp rise into 2011, this gold ratio declined sharply over several years before bottoming and rising sharply into 2020. This formed a bullish “cup” pattern. And it appears the past 18 months may have formed the “handle.”
A bullish reversal pattern could be in play as gold attempts to hold on to near-term support. Metals bulls sure would like to see a rally start right here! Stay tuned.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.