xauusd 16h cup and handle watch overhead resistance

🔸Hello traders, today let's review the 16 hour price chart of gold, nice
bull market in progress since October 2022. almost 25% gains off the lows,
however looks overbought/overextended currently.

🔸This market structure in progress resembles cup and handle pattern, so
it's possible that we get a decent/strong pullback near 2000/2050 USD
to complete the handle formation of the pattern.

🔸Normally I'd expect the pullback to last 4-12 weeks, may extend into
July/August 2023, and complete near 50/61.8 of the swing, which
is 1820/1890 USD. Bulls should be ready to reload later near 50%
of the swing, right now risk/reward is slowly shifting in bears favor.

🔸Based on the extensions of the pattern structure, after pullback
the bull run should resume and bulls will target 2500-3000 USD into
end of 2023. This is 25-35% from the entry spot.

🔸Keep in mind this is a swing trade setup for position traders, so
will take more time to complete, and I recommend to use low leverage.

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