The price has been trading on a horizontal range for the past three years. This situation looks boring (and pullbacks are painful) for the bulls.
Quarterly chart of gold prices
However, all this boredom may end with a bang.
Today’s long-term quarterly line chart highlights a potential bullish pattern.
First, gold continued to bounce from the 22-year uptrend support line at point (1). Second, the Megaphone pattern at point (2) shows that the price is squeezing between the upper Megaphone resistance and the rising trend line support.
So, we face another major support test for the price at point (1). The bulls need this to continue.
If gold breaks out at point (2), the next trend will be very bullish.
2023-10-23 14:33:00
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