Precious metals prices have been creeping higher with Gold trading over $2000/oz.

A weaker US Dollar has provided a nice tailwind and Gold bugs celebrated a new monthly closing high last week… So, is it time for Gold to finally break out to new all-time highs?

Well, today’s “monthly” chart of the Gold to U.S. Dollar ratio highlights one more major hurdle.

As you can see, the ratio remains inside of a long-term falling channel. And the overhead resistance (see red arrows) is very heavy.

The gold/U.S. Dollar ratio is once again (the 5th time!) testing this falling channel resistance at (1).

In my humble opinion, this ratio needs to see a breakout for Gold to really rock and roll to the upside.

(Click on image to enlarge)

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