Gold Spot / US Dollar Breaking Its Six Year Resistance.
Since 2013 Gold has been below $1400 USD per ounce trading in a tightening range. It has spent the last six years trying and failing to get back above $1400, in the process creating what can now be viewed of as a Bullish Ascending Triangle. A break out above this formation is a very bullish sign and Gold didn't disappoint breaking out decisively and with large volume. There is nothing but air above $1400 due to lack of time spent trading in that range up until we reach the well respected 61.8% Fibonacci Retracement level at $1585 USD, an 11.5% gain from current levels.
A move like this in Gold would also by definition coincide with a fall in value of the US Dollar index (DXY) and signal a higher likelihood of economic headwinds in the near future.
Disclaimer: This is not financial advice merely my opinion.
A move like this in Gold would also by definition coincide with a fall in value of the US Dollar index (DXY) and signal a higher likelihood of economic headwinds in the near future.
Disclaimer: This is not financial advice merely my opinion.
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