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Is Gold Spike and Reversal Lower Creating Bearish Pattern?

Courtesy of Chris Kimble

Gold bulls are feeling pretty good right now.

Precious metals have been rising, the Dollar has been soft of late, and geopolitical tensions are causing investor concern.

But as I type this, the price of gold is facing an important intermediate-term juncture.

In today’s chart, we look at the ratio of the price of Gold to the US Dollar; this produces a similar pattern to Gold priced in Dollars. The ratio is currently testing the top of a 4-year rising channel this week at (1).

And earlier in the week, Gold tried to break out above this channel resistance before reversing lower – see the long, tall wick.

Gold bulls are clearly hoping for a breakout this week, and not a bearish reversal pattern!

This article was first written for See It Markets.com. To see the original post CLICK HERE.

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