Precious metals bulls enjoyed a big rally this summer.
And they are hoping for another burst higher… but that won’t occur unless Gold prices start to firm up.
Today’s chart looks at the Gold / U.S. Dollar ratio with “weekly” price bars.
Gold bulls want to see this ratio heading higher.
The ratio hit dual long-term channel resistance at (1), where it created a bearish reversal pattern.
Since then Gold has been weak. Last week, the Gold / U.S. Dollar ratio broke below rising support and recent weekly closing lows – see point (2).
An important support test for the Gold / Dollar ratio is in play this week. Bulls hope support near (2) holds. Stay tuned!
Gold / Dollar Chart
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