Gold: Failed Breakdown or Hard Retest?

Ian Culley
October 18, 2023

Gold has leaned sideways to lower lately.

The US dollar and interest rates continue to rise, creating unfavorable conditions for the yellow metal and its crazy cousin, silver.

As long as those trends remain intact, precious metals will struggle. And they have... until very recently.

Regardless of the broader intermarket landscape, I can't ignore near-term strength for these shiny rocks...

Gold futures gained more than 3% last Friday, reclaiming a critical area of former support at approximately 1,910:

It looks like a classic failed breakdown to me, especially if gold trades above 1,945. That's my level.

Gold's heading back to its former all-time highs on a decisive break above last Friday's close.

On the flip side, perhaps it's posting a hard retest of former support. All bets are off if that's the case (a daily close below our risk level).

Spencer and I break down crucial levels to trade against for silver, multiple ETFs, and a handful of gold mining stocks in today's episode of "What the FICC?"

Check it out:

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Thanks for reading.

Let us know what you think. We love hearing from you.

Allstarcharts Team

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