Gold Cup and Handle Chart Pattern/ Silver Breakout

Gold had a daily chart break and is now retesting the breakout zone. However since the breakout was quite strong we would want to see follow through relatively soon, not doing nothing for 7 days after the break.

On the 4 hour chart, we see a different picture.

We see long wicks at a 4 hour support/flip zone of around 1450. From here we saw the lower highs losing steam and creating what appeared to be a head and shoulders pattern, however we did not get a strong break of the zone I was watching.

Now the trade looks more interesting with what appears to be a cup and handle break and higher highs.

Would watch the 1490-1500 zone for profits on a trade and see how price reacts. Again, if you follow my work, I am precious metal bullish.

snapshot

Silver also showing a reversal pattern. Not the best looking cup and handle but the structure is there.

The break above 17.10 zone has occurred now and we have a higher low to work with.

First target is the 17.60 zone.
Bitcoin (Cryptocurrency)Cup And HandleeconomyForexGoldrecessionSilverStocksSupport and ResistanceXAG USD ( Silver / US Dollar)XAUUSD

Also on:

Related publications

Disclaimer