Here is an update from our good friend Chris Kimble at Kimble Charting Solutions. Chris outlines what he would like to see to confirm the bull market for gold and what could lead to the next big pop higher.
Click here to visit Chris’s site and follow along with the wide range of markets he follows.
After a big summer rally, Gold peaked out at $1566/oz in September.
Since then, Gold prices have been consolidating between $1475 and $1550.
So what’s happening here? Enter the Swiss Franc currency…
In today’s chart, we look at a key indicator (and correlation) for Gold. As you can see, the Swiss Franc has an uncanny resemblance to Gold.
Both Gold and the Franc are testing heavy resistance at the same time.
Until both breakout at (2), odds are low that a new Gold bull market emerges with another big rally leg higher.
Looking back, it wasn’t until both Gold and the France broke out above price resistance at each (1) that a new Gold bull market emerged. Can it happen again? Stay tuned!