XAUUSD SPOT GOLD 4H CUP & HANDLE PATTERN
XAUUSD
The chart shows the pattern forming awaiting the completion of the handle.
Cup indicator calculated radius /depth.
This supports an uptrend for XAUUSD overall although it may downtrend
in the short-term in the handle formation.
Horizontal resistance lines are drawn to use as targets in a tiered
closure of the intended trade.
I will watch for buying volume as the price approaches the top of
the cup to confirm the pattern and a strong directional
move to enter the setup
What is your opinion? Please comment.
Trade active:
Today the handle was developing the height of the cup is 1801-1704 or $97.
Price tested the top of the cup and could not break it (1807) Price then fell to
$1774 making the downtrend $27 which is less than 1/3 of the cup's height.
The pattern is intact and tomorrow is another day to watch for a bullish
continuation above $1801 also at which time an option about 3-4 weeks expiration
well be taken.
Price tested the top of the cup and could not break it (1807) Price then fell to
$1774 making the downtrend $27 which is less than 1/3 of the cup's height.
The pattern is intact and tomorrow is another day to watch for a bullish
continuation above $1801 also at which time an option about 3-4 weeks expiration
well be taken.