The monthly chart of Gold shows the peak at 1920 back in 2011, the decline and the potential bottom in late 2015.
The 100 month moving average is the purple line and it appears to be providing some resistance.
The weekly chart show a closer look at the ascending wedge pattern that it is in. It will typically break either up or down before reaching the end of the triangle.
There are red heikin ashi bars indicating the downtrend along with the bottomed out stochastics.
Will there be support at the lower trend line?
The daily chart shows how close price is getting to the lower trend line.
The 200 dma in orange does not seem to be providing any support or resistance levels.
Here is a daily line chart of Gold (Orange line) and the US Dollar Index (Green line) and their inverse relationship.
You can see that the dollar has been in rally mode over the last few weeks sending Gold down.
Here is a weekly chart of the US Dollar index, you can see that the 2009 highs provided support in 2018, 9 years latter...
Will the US Dollar continue to rally? If so, expect Gold to break down and below the lower trend line...
The weekly chart of Silver with the 200 dma in orange. It appears that the 200 is providing some major resistance. If Gold should break down, expect Silver to drop as well. But will Silver break the lower support level?
$12 an ounce Silver? $11?
The weekly Gold/Silver miners ETF, GDX is also in a tight trading range. The 200 dma is under the price unlike Silver...
The precious metals market is like watching paint dry....................I can see why the Cryptos got all of the attention over the last 1.5 years, b/c they actually move and maybe not as manipulated.
Would you rather invest $100 in Bitcoin or Precious Metals?