There is a potential massive cup and handle on the Gold weekly chart. It should be noted that Cup and Handles don't usually play out over these very long time frames. Furthermore, the handle is not as clean as you might expect although online resources state ...
"After the high forms on the right side of the cup, there is a pullback that forms the handle. Sometimes this handle resembles a flag or pennant that slopes downward, other times it is just a short pullback."
The handle doesn't always have to be a clean inverted arc. Given the above caveats, the chart is undeniably bullish even at first glace. Maybe we can see a Cup and Handle play out on this time scale. If it does come to fruition, expect a massive increase in volume as Gold breaks over the highest point in the "cup rim". The end result of such a move would target the $3000/Oz level. Enjoy.
Please like and subscribe so I can get access to streaming and start producing more content.
"After the high forms on the right side of the cup, there is a pullback that forms the handle. Sometimes this handle resembles a flag or pennant that slopes downward, other times it is just a short pullback."
The handle doesn't always have to be a clean inverted arc. Given the above caveats, the chart is undeniably bullish even at first glace. Maybe we can see a Cup and Handle play out on this time scale. If it does come to fruition, expect a massive increase in volume as Gold breaks over the highest point in the "cup rim". The end result of such a move would target the $3000/Oz level. Enjoy.
Please like and subscribe so I can get access to streaming and start producing more content.