Gold bugs are beginning to stir, and for good reason. 2017 has seen domestic and geo-political tensions escalate along with a pullback in the U.S. Dollar.
BUT, gold prices have yet to record a convincing breakout and still remain in a bear market.
Below is a chart that gold bugs and gold traders should consider. The Gold / U.S. Dollar ratio is bumping up against a major resistance area. In fact, this resistance area is marked by dual-resistance (two downtrend lines).
If gold can breakout above point 1 below, that would be very bullish for precious metals.
It’s been 6 long years for gold bulls… is the bear market about to end? Â Stay tuned!
Gold / U.S. Dollar Ratio Chart
Thanks for reading.
Twitter:Â Â @KimbleCharting
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
