Gold: Bulls Don’t Want To See A Breakdown Here
2022.09.22 16:47
is at its highest in several decades, geopolitical concerns are rising with the ongoing Russia-Ukraine war, and yet precious metals bulls are still patiently waiting for a big win.
Today we look at a long-term monthly line chart of the price of . It offers a macro-technical look at the precious metal.
Gold Monthly Chart
As you can see, gold has traded sideways for the past two years (blue shade). This is reminiscent of two other periods where gold saw a trading range support breakdown and was weak for years thereafter. So recent weakness is raising concerns for bulls.
Gold is also testing its long-term trend support line, making this price area even more important.
To put it bluntly, if history is any guide, Gold bulls don’t want to see this support fail.
