Potential Cup and Handle on GOLD?
Updated
Currently Gold is staying on 1535.5, which is a really hard support.
Based on hourly timeframe, we can see that Gold has formed a CupnHandle chart pattern, which is a good sign for bull. Adding with continuous tradewar dramas, I do believe that the potential for Gold to achieve 1600 is possible.
My idea is that Gold will rebound from here, which TP will be around 1550, then will do a correction until 1545, and will form a continuous uptrend.
Worst case scenario, if Gold successfully break through the 1535.5 support level, it's time to short to 1530.
Based on hourly timeframe, we can see that Gold has formed a CupnHandle chart pattern, which is a good sign for bull. Adding with continuous tradewar dramas, I do believe that the potential for Gold to achieve 1600 is possible.
My idea is that Gold will rebound from here, which TP will be around 1550, then will do a correction until 1545, and will form a continuous uptrend.
Worst case scenario, if Gold successfully break through the 1535.5 support level, it's time to short to 1530.
Note
Gold successfully break the resistance, will continue to rise now. Congraz to people who followed me.Note
Gold currently stands at 1541.5, which is a really easy to break resistance level.Note
Currently stands around 1543, it's a hard resistance, but if really broke through, it would be a marvelous day for bulls. hohoNote
Guys please share my analysis to others :), I wished to use the chatroom HAHANote
It seems to broke the 1550 resistance level, may try 1555 before a short bear
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.