What “Ultra-Bullish Key Level” Might Mark a Gold Price Breakout?

Gold is up 6% since mid-December. That’s a nice rise. That’s 36% annualized. But gold hasn’t even come close to truly breaking out yet. Which makes its latest ascent toward its definitive technical breakout price of $1,375 so interesting.

The $1,375 mark was the metal's highs from both 2016 and 2017, so a break above that line would give gold a technically significant "higher high."

Furthermore, that level is the top line in an "ascending triangle" pattern, so a break above that level would prove quite bullish on a technical basis.

This is particularly true because gold has already broken above its six-year trend line, going all the way back to those 2011 highs.

ORIGINAL SOURCE: Gold is nearing what could be an ultra-bullish key level by Matt Maley at CNBC on 2/23/18