The gold price is at the same level as in 2013. Over that six-year period the price has encountered resistance at $1,375. Each time it tried a rally in the past six years it has been unable to push above $1,375 an ounce. What is notable is that the price has formed a large rounding bottom pattern over that time.

That is a very large base that potentially sets the stage for a move higher in the longer term if the $1,375 resistance can be broken.

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