Gold Prices Clear Downtrend, Important Breakout Next?

Gold prices have bounced around during a volatile multi-month pullback. Each rally has been met with more selling.

Could that be changing soon?

Today’s “daily” chart of the Gold ETF (GLD) shows price breaking above its 5-month down-trend line at (1). This is good news for bulls as it changes the short-term technicals from bearish to neutral.

BUT something else is happening that could be very bullish for Gold. GLD is currently trying to break out above lateral resistance at (2).

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I humbly feel that a breakout at (2) would be super bullish for Gold. Stay tuned!

Gold “daily” Price Chart

gold price breakout chart october

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