Commodities Analysis and Opinion
Gold Attempting Breakout Within 50-Year Rising Channel
2024.09.10 16:54
The past 50 years have seen prices trading up and down but within a rising trend channel.
Several things impact the price of gold, including the US Dollar, economy, war, uncertainty, etc.
Our current environment is filled with concerns about all of the above. And so it’s unsurprising to see gold surging over $2500/oz.
Today, we look at a long-term “monthly” ratio chart of Gold to the U.S. Dollar to highlight another potentially bullish confirmation signal for gold.
As you can see, the ratio is attempting a 13-year breakout within a 50-year rising channel.
If this breakout is successful, it would bode well for precious metals… and likely send gold much higher yet. Stay tuned.
