Gold Futures Price Chart – Breakout or Fakeout?
Gold spike higher on U.S.-Iran tensions quickly reversed back lower…
Will support hold?
Gold bulls certainly hope so. I analyzed this reversal through the lens of the Gold to US Dollar ratio earlier today – check it out here.
After a breakout, bulls want to see the breakout level hold. And definitely don’t want to see a reversal that takes the new price support level out soon thereafter.
Gold bulls will receive a bullish message if old resistance becomes new support… and a bearish one if it fails! Stay tuned!
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