Is Gold Finally Bottoming?

gold coins

From Chris Kimble: Is it possible that the US Dollar could be creating a multi-year topping pattern, while Gold is creating a multi-year bottoming pattern?

I would understand if the majority feels it is almost “impossible,” as the long-term trend for Gold is down and the long-term trend for King Dollar is up!

This chart looks at Gold and the US Dollar on a monthly basis over the past 20-years.

What are the odds that Gold is creating a major bottoming pattern and King Dollar is creating a topping pattern? Very low at this time.

Even though the odds are low that Gold is bottoming and King Dollar is topping, it remains possible that both could be creating major reversal patterns over the past three years!

To prove that major reversals are in play, Gold would need to rally above $1,357 and the US Dollar would need to break below 88.

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The SPDR Gold Trust ETF (GLD) rose $0.11 (+0.10%) in premarket trading Friday. Year-to-date, GLD has declined -8.18%, versus a 8.41% 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 #1 of 35 ETFs in the Precious Metals ETFs category.


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