Gold closed back above the former 2011 highs. $GC_F $GLD
— Ian Culley (@IanCulley) March 20, 2023
Today’s Chart of the Day was shared by Ian Culley (@IanCulley). Gold poked its head above $2,000/oz. today, and closed at its highest level in nearly a year. Ian points out that it’s back above the 2011 highs, which are around $1,925/oz. Gold has looked technically attractive for three years now, as its been in the process of emerging from the mother of all bases. However, it’s been unable to make a meaningful leg higher despite two prior break out attempts in 2020 & 2022. Will the third time be the charm? The next upside objective will be the 2020/2022 all-time highs, which are around $2,070/oz. Above $2,070/oz is blue-sky territory for Gold, meaning there’s no price memory to prevent it from making a new leg higher.