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Can Gold Break To An All-Time High? Watch This Key Price Level



For the past few years, gold has been a boring investment as it fluctuated back and forth between $1,600 to $2,100 per ounce without any progress in one direction or the other. Despite its lack of direction in the shorter-term, gold has remained above its long-term uptrend line that began in the early-2000s, which means that it is still in a long-term bull market. Gold struggled for much of 2022, but has surged by approximately $300 or 18% since November 2022.

The next hurdle that gold needs to clear is its $2,000 to $2,100 resistance zone that is just overhead. If gold can break above that zone with heavy volume, that would signal that further gains are likely ahead.

The weekly chart shows the $2,000 to $2,100 resistance zone in greater detail:

Aside from technical factors, surging global debt levels and liquidity from central banks are some of the many fundamental factors that are supporting the price of gold. Sadly, the global economy is hopelessly addicted to debt and monetary stimulus, and cannot function without the help of either one; this is why I believe that gold is a good long-term investment at this point in time.

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Source: Fox Business


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