The gold price has spent the past five years making a large rounding bottom pattern.The gold bear market bottomed out in 2015 at US$1,050/oz. Since then the price has been gradually climbing, with successively higher lows.There is an area of stiff overhead resistance at $1,360/oz that has proven difficult to break through in the past two years. But the pattern of successive higher lows indicates that buyers are generally the stronger force and that the probability of an eventual break to above the $1,360/oz resistance level is quite high.A resolution one way or the other is likely in the next few months. The price is narrowing into the apex between the rising uptrend support at $1,300/oz and the overhead resistance at $1,360/oz. The higher probability outcome is for a break to the upside to occur. But, fundamentally, what are the possible headwinds and tailwinds for the gold price that could move it in one direction or the other?A weakening US dollar should serve as a tailwind for t...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now