Gold setting up but still to confirmWhich might have effects on the cryptos as an alternate to devaluing currencies and inflation hedge.
Gold is technically setting up to a cup and handle pattern. And its pretty precise. A cup and handle pattern is a continuation pattern in a trend. Gold is reversing a multi year downtrend and and now keeps hitting resistance at the 1365 area. Volume picking up clearly and the RSI never broke down into oversold territory signifying the bulls where in control and on average on the weeklies the price of gold closed in the upper part of the weeks trading range. Just waiting on this as well. Got the Japanese Yen unwinding as well. Inflation is upon us once again. Finally. Currencies are losing their value or the US dollar sure is. Also keep an eye on Silver as it will rise in multiples to gold if the run goes for it in gold. But it has to confirm with the breakout. Do nothing until it breaks out. Wait. Waiting is the hardest part.
Gold cup and handle set up Chart