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Gold Is Knocking On Key Breakout Level

Published 02/21/2019, 01:37 PM
Updated 07/09/2023, 06:31 AM

Monthly Gold

For the past 5 years, gold prices have traded sideways. There were plenty of “trades” to be made, but that type of price action tends to grind out long-term bulls and bears.

You can see this in today’s “monthly” closing chart for gold (shown above).

Gold bulls caught a break recently when the metal broke out above its multi-year downtrend line at (1) and (2). That spurred a big advance in metals and mining stocks.

Can gold bugs and bulls keep the momentum going? We should find out shortly.

Currently, gold is knocking on a key breakout resistance level at (3). If Gold can breakout above the 2017 monthly closing highs, it'll send a bullish message to the bulls.

Latest comments

Chris, gold will hit 1.375 and will fall. no 1400. . not yet
1327-1354 gold is in strong up trend, 1354-1364 easly, after is 1376 strong resist -before TOP 1387-91 all not going up, all figures for spot price.1387-1391 drop to -1271-down limit of this downtrend channel / 1391-1271 /, that's all you need to know
good article
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