22.5 C
New York
Thursday, July 7, 2022

Buy now

Bullish Pattern Could Send Gold Prices Much Higher, Says Joe Friday

Courtesy of Chris Kimble

Gold prices and precious metals bulls have been biding their time.

While gold has traded sideways-to-lower, bullish investors have simple sat tight, waiting for a bigger move.

I have shared today’s chart pattern several times (read this article from over a year ago), but it seems important to update once again as we ask the question, “Is a big move nearing?”

“The facts, Ma’am. Just the facts.”

Looking at today’s chart, we will channel our inner Joe Friday to flesh out the facts. Below is a long-term “monthly” chart of the Gold / U.S. Dollar ratio.

After a sharp rise into 2011, this gold ratio declined sharply over several years… before bottoming and rising sharply into 2020. This formed a bullish “cup” pattern. And it appears the past 18 months may have formed the “handle”.

A bullish reversal pattern could be in play as Gold attempts to hold on to near-term support. Just the facts: Metals bulls sure would like to see a rally start right here! Stay tuned!

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

To become a member of Kimble Charting Solutions, click here.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments

Stay Connected

161,005FansLike
408,781FollowersFollow
2,110SubscribersSubscribe

Latest Articles

0
Would love your thoughts, please comment.x
()
x