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Metals Bulls Praying This Indicator Does Not Peak Here!

Courtesy of Chris Kimble.

Gold has been strong of late as the US Dollar has been weak. This combo has driven the Gold/Dollar ratio to a key price zone and momentum level, that looks to be important to metals bulls.

This chart looks at the Gold/Dollar ratio over the past 6-years. The long-term trend is down, while the trend over the past 3-years is pretty much flat (sideways trading range).

The rally of late has the ratio testing the 2018 highs as well as its 38% Fibonacci retracement level of the 2012 highs/2015 lows at (1).

While testing these key levels at (1), momentum is currently the highs since the 2017 highs. The bullish case for metals is facing an important breakout/resistance test at (1).

One thing is for sure, metals bulls have their fingers crossed that a lower high peak does not take place at current levels.

If the ratio breaks above resistance at (1), it would send a bullish message to metals they haven’t received in years!

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