XAUUSD - Gold Bug's Road Map for Swing Long Cup and Handle

AwesomeAvani Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
This 4 hour chart of XAUUSD Spot Gold demonstrates a cup and handle over the past year.

The stochastic RSI indicator has been adapted to the long chart period.

Over the current YTD the handle has formed and price is headng to the top of the cup

where an uptrend should extend to the same additional upside as the cup height.

This would equate to a price of about $ 2100 to be achieved over about six months

which is approximate 1/2 of the cup width.

Fundamentally, the expected recession coupled with the bank upheavals, the collapse

of FTX and other challenges to crypto lead a " flight to safety" Globally, central

banks are stockpiling gold as means to fortify ahead of the economic headwinds

This has created a supply and demand imbalance. Eco 101 says the price will

adjust upward until demand destruction sets in.

On the equities markets, mining stocks have had a good month as have the

ETF both leveraged and unleveraged.
Trade active:
I should add that XAUUSD in the November through January uptrend first rose above the RSI of 80 and the trend ended when the RSI dropped below that overbought threshold. Like early November, the price is about cross up on the RSI 80 threshold.

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