Gold Is Holding Support, Will the Next Move Be Up?

Gold continues to hold up surprisingly well despite $USD strength.

The precious metal is coining tighter and tighter into a triangle formation. When the breakout finally comes, it will be violent.

If you need signs of impressive relative strength, look at the gold mining juniors (GDXJ). During selloffs it is not uncommon to see this ETF drop 3% of even 5% in a single day.

It fell just a little over 1% on Friday.

And then there is gold’s long-term chart, where we see the precious metal consolidating at support (green line) an explosive move up. This is very similar to the consolidation period we saw in late 2019 (purple rectangle).

If we hold that green line the next leg up will take your breath away. It might not be this week or next, but when it hits, it will be massive.

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Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

Posted by Phoenix Capital Research