Gold/US Dollar Attempting Historic Bullish Breakout
Chris Kimble | Apr 12, 2024 03:29PM ET
I have spent a lot of time discussing the bullish implications of Gold price patterns and the recent Gold breakout attempt.
So why not offer up yet another example of why Gold (and precious metals partner, Silver) are brimming with bullish possibilities.
Today’s chart highlights the long-term “monthly” closing ratio of the price of Gold to the US Dollar. And unsurprisingly, the price patterns are historic and very bullish.
We have a large cup that began forming when Gold broke down and out of a bearish triangle (see red lines). Then came the rally into 2020. Since then a handle has formed over the past 4 years (green lines) in the form of an inverse head and shoulders – also bullish.
And now we are seeing Gold attempt a historic breakout at (1).
If this sticks, Gold will have a lot of room to run. 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.