Gold Is Testing Highs Once Again – Breakout Coming?

Gold has been quietly inching higher and higher over the past several weeks and now finds its price testing the highs.

Is it time for a major Gold breakout?

Today we’ll highlight this price action on a long-term weekly chart. It seems several tailwinds are at play for gold (geopolitical strife, global war, domestic political disarray, inflation…). But that won’t matter if gold fails to breakout…

Note that the following MarketSmith charts are built with Investors Business Daily’s product suite.

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$GLD Gold ETF “weekly” Chart

As you can see, gold is rising up near it highs. This would be the fourth test in the past 4 years. Is a breakout coming? Stay tuned!

gld gold etf trading chart breakout bullish buy chart november

Twitter: @andrewnyquist

The author may have a position in mentioned securities at the time of publication. 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.