2023-05-12 20:19:00
The precious metals sector has been bullish, albeit volatile, for the past two years. We might call this situation a kind of consolidation, but in my humble opinion, it is a sign that we need to stop resisting.
Inflation, war, politics…all of these factors are catalysts and tailwinds for the bulls in terms of rising prices.
Today, we take a look at a long-term monthly chart. As you can see, gold is testing breakout resistance for the third time in the last two years (see red arrows).
Gold monthly chart
Over the years, I have learned that the more times an asset tests resistance, the more likely it is that it will break through. Should gold indeed break out, Fibonacci extension price targets include 3000 (161%) and $5000 (261%).
It also looks like an important price area that both the bulls and the bears should follow.
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#gold #reach #records
