Gold Is Breaking Out Of A Six-Year Bearish Range (GLD)

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July 27, 2017 10:29am NYSE:GLD

From Chris Kimble: Below looks at the ratio of Gold compared to the US Dollar over the past 20-years. The ratio reflects that some long-term trends have taken place and the ratio is making an attempt to do something it hasn’t been able to accomplish in 6 years.


The ratio broke above 6-year falling channel back in 2001 at (1) and then it proceeded to rally for the next 10 years.

For the past 6 years, the ratio has continued to create a series of lower highs and lower lows inside of falling channel (2).

Currently the ratio is attempting to do something that it has not done in 6-years, which is a breakout above falling channel (2) at (3).

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The SPDR Gold Trust ETF (NYSE:GLD) was trading at $119.97 per share on Thursday morning, up $0.09 (+0.08%). Year-to-date, GLD has gained 9.45%, versus a 11.83% rise in the benchmark S&P 500 index during the same period.

GLD currently has an ETF Daily News SMART Grade of B (Buy), and is ranked #3 of 35 ETFs in the Precious Metals ETFs category.


This article is brought to you courtesy of Kimble Charting Solutions.


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