Commodities Analysis and Opinion
Gold Bulls Hoping Third Time Is the Charm
2023.05.10 15:41
The precious metals sector has remained elevated, yet volatile, over the past two years. Call it consolidation, but in my humble opinion, something has got to give.
Inflation, war, politics… gold bulls have the catalysts and tailwinds to see higher prices.
Today, we look at a long-term monthly chart of . As you can see, gold is testing breakout resistance for the third time over the past two years (see red arrows).
Gold Monthly Chart
Over the years, I’ve heard that the more times an asset tests resistance, the more likely it is to take it out. If gold does break out, Fibonacci extension price targets include $3,000 (161%) and $5,000 (261%).
Seems like an important price area for bulls and bears to monitor.
