This can be best viewed on the weekly. It is currently retracing down building a mini handle, if this breaks to the upside the measured height of this cup would be a large percentage profit target. DXY looks topped out and bearish along with the stock market and crypto currencies. Could gold make a comeback and outshine the rest of the market? The possibility is definitely still on the table.
technically looks good but what about the fundamentals with fed monetary policy and inflation issues set to continue and impact the cost of living?
ChaldeaCode
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@jakec90, The theory behind GOLD fundamentals being bullish, is that majority of the investments will decline as we head into recession (which i believe has already begun). If stocks, crypto, the dollar, bonds, real estate, ect all decline, the wealthy and upper middle class alone has enough in savings or enough money to invest to send gold up. It might not happen but the past recessions that date back were bullish for gold as well indicating that this cup and handle technical analysis still has a chance to develop as investors look for a safe haven. Thanks for checking out my chart!