Gold and Silver charts: upward breakouts from 'cup and handle' patterns face resistances
2 months ago
Gold chart patternThe daily bar chart pattern of Gold has broken out upwards from a large 'cup and handle' consolidation pattern. What had looked like a downward breakout from a 'symmetrical triangle' pattern (refer previous post) turned out to be the formation of the 'handle' on a longer time frame.Gold's price dropped below its 20 day EMA, but bounced up after receiving support at the 1275 level - completing the 'handle' formation. A sharp rally to 1330 was followed by a bit of profit booking.All three EMAs are rising, and gold's price is trading above them in a bull market. The 'golden cross' of the 50 day EMA above the 200 day EMA last month had technically confirmed a return to bull territory.Daily technical indicators are in the process of correcting overbought conditions. MACD is rising above its signal line inside overbought zone. RSI has slipped down from its overbought zone. Slow stochastic is ready to do likewise.MACD and Slow stochastic are showing negative diverg
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