Bullish Pattern Could Send Gold Prices Much Higher!

Gold prices and precious metals bulls have been biding their time.

While gold has traded sideways-to-lower, bullish investors have simple sat tight, waiting for a bigger move.

I have shared today’s chart pattern several times (read this article from over a year ago), but it seems important to update once again as we ask the question, “Is a big move nearing?”

“The facts, Ma’am. Just the facts.”

Looking at today’s chart, we will channel our inner Joe Friday to flesh out the facts. Below is a long-term “monthly” chart of the Gold / U.S. Dollar ratio.

After a sharp rise into 2011, this gold ratio declined sharply over several years… before bottoming and rising sharply into 2020. This formed a bullish “cup” pattern. And it appears the past 18 months may have formed the “handle”.

A bullish reversal pattern could be in play as Gold attempts to hold on to near-term support. Just the facts: Metals bulls sure would like to see a rally start right here! Stay tuned!

Gold / US Dollar Ratio “monthly” Chart

gold prices trading cup with handle bullish pattern year 2022 chart image

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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.

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