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One of the outcomes of Brexit has been a surge in the price of gold. For some long-term perspective, today's chart illustrates the trend of this millennium's gold market. Notice how the pace of the bull market in gold that began back in 2001 increased over time. In 2011, however, the parabolic trend in gold prices came to an end and a new downtrend began. Over the past 32-months, gold had been trading within the confines of a mildly sloped downward trend channel. More recently, however, gold has surged well beyond resistance (red line) over the uncertainty brought on by the United Kingdom's decision to leave the European Union.

Notes:
Does the gold rally continue? The answer may surprise you. Find out now with the exclusive & Barron's recommended charts of Chart of the Day Plus.

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Quote of the Day
"Regardless of the dollar price involved, one ounce of gold would purchase a good-quality man's suit at the conclusion of the Revolutionary War, the Civil War, the presidency of Franklin Roosevelt, and today." - Peter A. Burshre

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