Is the nearly eight-year decline in gold prices coming to an end? That may depend on what gold does in the days and weeks ahead.
Today’s chart highlights the ratio of gold to the U.S. dollar. And as you can see, the ratio has been marching higher for several weeks, grabbing the attention of gold bulls.
But the gold / US dollar ratio is nearing a critical juncture, testing the underside of its uptrend line and falling resistance.
This could be one of the most important price tests in years for gold.
Metals bulls want to see a breakout above this dual long-term resistance line. Stay tuned!