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Gold: Important Indicator Experiencing Multi-Year Breakout

Published 22/05/2024, 20:48
XAU/USD
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NVDA
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GC
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2024 has been filled with headlines about stock market highs and stocks such as Nvidia (NASDAQ:NVDA). But one major asset and commodity that is making a historic rally is Gold.

This comes after a long, boring sideways move with a lot of ups and downs… so it’s understandable why investors detached from Gold.

Gold versus U.S. Dollar Monthly Chart

As we have written about several times, Gold has broken out to new highs. And today we highlight another Gold breakout while looking at a long-term “monthly” chart of the Gold to U.S. Dollar ratio.

I highlighted a couple of long-term patterns and results (with big moves up and down). And, as you can see, another HUGE breakout pattern has taken shape… or should I say, taken flight.

It appears that Gold is breaking out of a 4-year bullish inverse head and shoulders pattern. Could be a “BIG MOVE.” Stay tuned.

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