Here is a look at the roadmap for gold after the false breakdown and subsequent rally.

GOLD: False Breakdown And Subsequent Rally
November 9 (King World News) – Here is a small portion of a major report released by Jesse Colombo:  Now let’s take a look at where precious metals stand, starting with gold, which leads the overall complex.

In last weekend’s update, I showed how gold was threatening to break below the critical $3,900 to $4,100 support zone, which was established by the October and November 2025 lows, the brief but sharp selloff in March 2026, and the June and July 2026 lows.

To learn more about support and resistance zones, I recommend reading my two-part tutorial (Part 1 and Part 2).

Thankfully, that attempted breakdown proved to be a false breakdown, and gold surged roughly $200 per ounce from oversold levels. It is now on the verge of reclaiming the upper boundary of that support zone at $4,100, a move I would like to see as further confirmation that this rebound is sustainable.

False breakdowns below key support zones often prove bullish because they demonstrate that an asset was unable to sustain a move below support, as additional sellers failed to emerge and selling pressure dried up. Such moves also trigger stop-loss orders, often setting the stage for a sharp rebound in the opposite direction, which is what I would like to see play out here.

Another encouraging sign is that gold closed above the downtrend line that had capped its price since the late August peak, signaling a bullish change in trend. However, this reversal is still in its early stages, and I would like to see a decisive close above $4,100 for additional confirmation.

Despite the struggles in precious metals this year, I firmly believe that precious metals and miners remain in a long-term bull market that began only in April 2024 and, based on historical cycles, has at least another eight years to run. I believe the correction that started in January was merely a pause within that bull market rather than the beginning of a new long-term bear market. Read my recent report, where I explained this thesis in detail.

Gold & Silver Prices Finally Headed Higher
To listen to Alasdair Macleod discuss why gold and silver prices may finally be headed higher CLICK HERE OR ON THE IMAGE BELOW.

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