Editor's PickPoliticsGold Breakout Facing Critical New Support Test

2 years ago335 min
https://topinvestingtoday.com/wp-content/uploads/2021/12/cover-9-1280x813.jpg

It’s been a heck of a year for gold. But the year isn’t over yet and precious metals investors are hoping it will close the year out strong. That may depend on what happens in the coming days/weeks.

Gold ETF Weekly Chart

Gold ETF Weekly Chart

In today’s article, we feature a “weekly” chart of the Gold ETF (NYSE:GLD), highlighting its strong up-trend channel and summer breakout to new all-time highs at (1), from Marketsmith.com.

Recently, I provided an update on why Gold could be headed to $3,000 before this new bull market is over.

But as investors are aware, not all breakouts are created equally. Some breakout and run higher, some breakout and back-test support before heading higher, while other breakouts simply fail.

The past several weeks have seen Gold prices pullback to test breakout support at (2). This price area is critically important as old resistance (upper trend line and prior all-time highs) has become new support.

Bulls would love to see a rally take place off this dual support test.

Gold Breakout Facing Critical New Support Test

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Leave a Reply

Your email address will not be published. Required fields are marked *