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Gold: Next Upside Breakout Set to Be Super Bullish

Published 10/23/2023, 02:51 AM

The price of Gold has traded sideways for the past three years. Feels boring (and the pullbacks painful) for bulls.Gold Price -Quarterly Chart

But all this boring action could be coming to an end with a bang.

Today’s long-term quarterly line chart highlights a potentially bullish pattern.

First, gold has continued to bounce off its 22-year rising trend support line at (1). Second, a megaphone pattern at (2) shows the price getting squeezed between the upper megaphone resistance and rising trend line support.

So we have another key price support test in play at (1). The bulls need this to hold.

And should Gold breakout at (2), it would be super bullish.

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