🍎 🍕 Less apples, more pizza 🤔 Have you seen Buffett’s portfolio recently?Explore for Free

Is the Gold to US Dollar Ratio Setting Up for a Major Breakout?

Published 12/07/2023, 02:05 AM
XAU/USD
-
DX
-
GC
-

Precious metals prices have been creeping higher with Gold trading over $2000/oz.Gold/US Dollar Ratio-Monthly Chart

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 break out to new all-time highs?

Well, today’s “monthly” chart of the Gold to US 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.

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.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.