Gold FuturesLong
Gold Forming Bullish Cup with Handle
Gold has been working on a bullish cup with handle continuation pattern for nearly 2-years.
These patterns are typically bullish, reflecting a pause in a growing uptrend.
Gold could dip further to complete the handle, or prices may have bottomed in May.
To promote an upside breakout, gold futures need to close above $1900.
On the downside, I see firm support surrounding $1750 (+/- $10.00).
Sustained weakness below $1750 would imply a breached pattern and a more complex correction phase.
These patterns are typically bullish, reflecting a pause in a growing uptrend.
Gold could dip further to complete the handle, or prices may have bottomed in May.
To promote an upside breakout, gold futures need to close above $1900.
On the downside, I see firm support surrounding $1750 (+/- $10.00).
Sustained weakness below $1750 would imply a breached pattern and a more complex correction phase.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.