Gold Breakout or Fakeout? Bulls Need Support To Hold!

Chris Kimble
gold price top and reversal lower correction starting chart image - january

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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