It failed to break it on several occasions particularly last November after Trump's Election (Thanks to the PPT ).
This time can be the right time.
The TSI indicator is showing us a clear Inverse and shoulder with a Breakout, a succesful Backtest and it's value is actually above 0 on the weekly.
From an EW perspective,(I don't really like long term wave count), the pullback from 1920 to 1050 represents a retracement in the 50%-61.8% region corresponding to a wave II.
On the Daily, we have a Golden Cross (50 dma above 200 dma).
The USD is falling exactly like the 15 years cycle was predicting. Dollar bulls are funny to me. It was just a few years ago that they were saying gold would be well under 1,000 if the dollar ever
went back to 100.
The US10Y yield is falling bringing more Negative Rates. Negative Rates are good for gold .
Now let's see if Janet will hike rate at the next FOMC with this "Strong Recovery" ...
Fed rate hikes are producing an ideal environment for gold market enthusiasts, because they are enticing banks to move money out of the Fed
and into the fractional reserve banking system.