Chart of the Day: Gold is Pushing $2,000

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Gold has consolidated for more than two years, and now it may be inching toward a breakout.

The first pattern on today’s weekly chart is the rally in October between roughly $1,812 and $2,000. That move broke a falling trendline from the summer when bond yields were climbing.

XAUUSD then pulled back to bounce above the trendline, turning old resistance into new support. Also notice how …

For more, please click here to view the related idea and chart analysis on TradingView.

Gold, weekly chart, with selected patterns and indicators, courtesy of TradingView.
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David Russell is Global Head of Market Strategy at TradeStation. Drawing on nearly two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them appraised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.