Sunday , 1 October 2023

Gold At A Crossroads: Will It Be A Breakout OR A Bearish Reversal Pattern!

In today’s chart, we look at the ratio of the price of Gold to the US Dollar and it is cause for concern.

Gold bulls are feeling pretty good right now.

  • Precious metals have been rising,
  • the Dollar has been soft of late, and
  • geopolitical tensions are causing investor concern

but, as I type this, the price of gold is facing an important intermediate-term juncture.

The ratio is currently testing the top of a 4-year rising channel this week at (1).

Gold bulls are clearly hoping for a breakout this week, and not a bearish reversal pattern!
Editor’s Note:  The above excerpts from the original article by Chris Kimble have been edited ([ ]) and abridged (…) for the sake of clarity and brevity.  The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.  Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor. Also note that this complete paragraph must be included in any re-posting to avoid copyright infringement.

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