Asked on my social media this morning: "what you think? Gold c&h (cup and handle)"
I am not an expert when it comes to price patterns like Cup and Handle but I do put my faith in Ichimoku and its fundamental component of 50% retracement levels. What Gold has done in recent months is hold support at 1678 (on futures) back in March which was the 50% Retracement from the launch point of the trend that began 2 years ago in April 2019. The trend on the Weekly is strong bullish so the probability is high that Gold will retest the All Time High and break it in the months to come.
Do you see apossibility for it to stop and pulldown a bit for about 1-2 weeks? Based on its recent daily price actions.
norok
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@OnRoad, Anything can happen in the short term... the scope of this analysis and timeframe is the price action going through the rest of 2021 and into 2022.