As gold futures prices continue to hold around the $1,500 mark, the chart pattern is strengthening for precious metals investors.
Price consolidation after a strong multi-month rally is bullish. So, Gold bulls are okay with this as long as the shiny metal doesn’t roll over.
But there’s more to potentially cheer about…
In today’s chart, we look take a longer-term “weekly” view of Gold futures. And, as you can see, it’s possible Gold is creating a long-term bullish cup & handle pattern.
If this continues to play out, then Gold still needs to form a “handle”.
Ideal support for the handle comes into play around the 1,375 zone. So look for any pullback to find support there if this bullish pattern plays out. Stay tuned!
Gold Price Chart – Cup and Handle Formation?
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