$XAU/USD (XAUUSD.CFD)$ Gold pullback is a low layout signal:...

$XAU/USD(XAUUSD.FX)$ Gold pullback is a low layout signal: two technical charts prove the arrival of a “precious metals bull market”!

The financial world· 38 minutes ago

2 minutes

On Tuesday (April 23), due to the easing of the situation in the Middle East, gold fell to 2,303 US dollars to take a breather, and risk aversion cooled down. But independent precious metalsTechnical analysisCoach Mike Roy said that judging from technical charts, silver/euro and Dow/gold fluctuated greatly, providing key evidence that the precious metals bull market is indeed ongoing.

Mike mentioned: “In 2023, we looked at the silver/euro and Dow/Gold charts, both of which are on the verge of major long-term breakthroughs.”

“Since then, suspected breakouts have occurred, providing critical evidence that the precious metals bull market is indeed underway. It's time to take a look back at these fascinating charts.”

He added: “We will start with silver/euro, and indicated that the breakthrough we are looking for comes from the launch of the bullflag at the low point of COVID-19 in 2020. As we can see, in the past few months, breakthroughs have indeed been impulsive. Given that the flag has been consolidated for 3.5 years, there must be enough suppressed energy to push the price to reach its measured fluctuation of 103%. This is very important because such a trend will allow the price to break through the middle line of its long-term channel, as well as the historical high set in 2011. Exceeding these two targets gives people confidence that the price will seek its long-term path up to $60 or higher, depending on when it is hit.”

Mike notes, “The picture below shows the Dow/Gold ratio, which just broke through the bear flag we noticed in 2023. Will this flag be the halfway flag we saw in the 1970s? If so, let me remind you that the measured amplitude of movement is about 3, which is probably consistent with touching the declining channel of this ratio. When that ratio plummeted in the 1970s, not only did gold soar, but the Dow Jones index also fell 50% during the consolidation period between 1965 and 1982. As the ratio falls this time, I doubt similar behavior, and gold will rise when the Dow Jones Index is flat or falling.”

Disclaimer: This content is for informational and educational purposes only, and does not constitute a recommendation or endorsement of any specific investment or investment strategy. More info

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