Is the Gold/U.S. Dollar Ratio Setting Up For A Major Breakout?

Precious metals prices have been creeping higher with Gold trading over $2000/oz.

A weaker US Dollar has provided a nice tailwind and Gold bugs celebrated a new monthly closing high last week… So, is it time for Gold to finally breakout to new all-time highs?

Well, today’s “monthly” chart of the Gold to U.S. Dollar ratio highlights one more major hurdle.

As you can see, the ratio remains inside of a long-term falling channel. And the overhead resistance (see red arrows) is very heavy.

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the Gold/U.S. Dollar ratio is once again (the 5th time!) testing this falling channel resistance at (1).

In my humble opinion, this ratio needs to see a breakout for Gold to really rock and roll to the upside. Stay tuned!

Gold to U.S. Dollar Index Ratio “monthly” Chart

gold price ratio us dollar chart last 10 years bullish forecast

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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.