Gold prices remain elevated but have yet to record the major breakout that gold bulls are looking for.
Today, we revisit an important Gold ratio that we have been following for months: the Gold to U.S. Dollar ratio.
And below you can see why.
The long-term “monthly” chart has revisited downtrend resistance several times, failing to produce a decisive breakout. It first hit resistance 3.5 year ago at (1)! And it’s back again for the 4th time.
A breakout above downtrend resistance would be good… but proof that the Gold intermediate trend is higher probably requires a breakout above (2).
In my humble opinion, gold bulls should keep an eye on this. And stay tuned!
Gold versus US Dollar Index Ratio “monthly” Chart
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The author may have a position in mentioned securities. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.