Commodities Analysis and Opinion
This Gold Indicator Is Testing an Important Bullish Breakout Level
2023.12.28 02:49
Precious Metals have been strong this month and have metalheads excited for next year.
One gauge that I use to highlight the strength of Gold is the ratio of the price of an ounce of to the .
And today’s chart shows why we could be at a critical trading point. Below is a “monthly” chart of Gold vs the ratio.
As you can see, the Gold/US Dollar ratio remains inside the long-term falling channel. Perhaps a giant flag.
The ratio is testing the upper end of this falling channel at (1).
If/When the ratio breaks out, it will send a very strong positive message to the precious metals complex and investors. Stay tuned!
