Gold price remains strong for a third week. Price has broken out of the long-term triangle pattern and during the week we also saw a back test of the break out area. Price bounced off the upper triangle boundary and continued to new higher highs.
Green line - support
Gold price is in a bullish trend.The recent break out is an important weekly signal that could bring Gold near its all time highs or even higher over the next few months. As long as Gold price is above the green trend line, I expect bulls to remain in control of the trend for the long-term. Breaking below it will be a bearish signal that would put Gold price under pressure for several weeks or even months. Such a breakdown would bring Gold below the 2021 lows.
