Gold prices have made a strong reversal to the upside… and it came out of a quick downturn (catching traders leaning the wrong way).
Could this give rise to a definitive breakout?
Today’s chart looks at a longer-term “weekly” view and highlights the current setup. Still work to do for precious metals bulls, but worth putting on your radar.
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$GLD Gold ETF “weekly” Chart
Here we can see the quick undercut of the 10/40 week moving averages… before reversing higher to overtake them. Price is now nearing a test of breakout resistance. Will 3 times be the charm?
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