Jordan Roy-Byrne: Gold Cup & Handle Pattern Update
The Daily Gold, Released on 9/29/22
Gold's cup and handle pattern is broken from the standpoint of a potential breakout in the next 6 to 9 months that could launch it to the initial target of $3000. However, the cup is 9 years long and the handle typically requires one third of the time or longer. That puts a breakout in summer of 2023 at the earliest. The pattern is not broken if Gold rallies back to $2050 even from a low of $1500. Silver is an example of a broken cup and handle pattern as Silver's handle never came close to rallying back near $50 resistance. In fact, Silver has, for the most part, remained below $27-$28. A bullish handle on Silver would require the market consolidating from $27 to $50. In both cases, whenever Gold rallies back to $2050 and Silver rallies back to $50, there will be extremely bullish technical setups.
Jordan Roy-Byrne, CMT is a Chartered Market Technician and member of the Market Technicians Association.. He is the publisher and editor of TheDailyGold Premium, a publication which emphasizes market timing and stock selection for the sophisticated investor, as well as TheDailyGold Global, an add-on service for subscribers which covers global capital markets.
Jordan Roy-Byrne: Gold Cup & Handle Pattern Update added by Herman James on 09/29/2022View all posts by Herman James ?+'