Gold price closed out 2021 at $1828/oz which is the highest quarterly closing price since Q4 2020. Price is also testing the upper handle line of the decade-long cup and handle formation which if successfully completed would see price well above $2000/oz in the years to come.
Gold broke above all short-term moving averages in Q3 2003 which ended the previous bear market, and on a quarterly basis price has been in a technical bull market ever since. The lower PPO indicator confirms bullish momentum behind price, and has been reading bullish ever since 2003 as well.
The long-term trend and momentum behind gold remains bullish with price expected to move to new all-time highs above $2100/oz in 2022. Short-term resistance, on a quarterly basis, is at local highs made in 2020/2021 near $1900/oz. The next resistance level after $1900 is $2089 which is the current all-time high set in Q3 2020 and is expected to be surpassed in 2022.
Gold broke above all short-term moving averages in Q3 2003 which ended the previous bear market, and on a quarterly basis price has been in a technical bull market ever since. The lower PPO indicator confirms bullish momentum behind price, and has been reading bullish ever since 2003 as well.
The long-term trend and momentum behind gold remains bullish with price expected to move to new all-time highs above $2100/oz in 2022. Short-term resistance, on a quarterly basis, is at local highs made in 2020/2021 near $1900/oz. The next resistance level after $1900 is $2089 which is the current all-time high set in Q3 2020 and is expected to be surpassed in 2022.