Video: Gold Breakout? Not Yet!
Gold has broken out from trendline resistance but has more significant resistance levels to overcome for a sustained advance. Most notably, breaking above $1900 on a weekly and monthly basis is the key to a real breakout.
Until then, $1900 is major resistance. Part of this move is driven by war worries. That is unsustainable unless it impacts the energy market. In any event, Gold is acting better in the face of rising real interest rates and a Federal Reserve that could be tight for a few months.
When the Fed is done hiking, Gold should be in a position to break resistance and sustain a breakout.
