Possible Cup and Handle Pattern on Gold Spot by the end of Y2021
General commentary on Gold Spot (XAUUSD) by the end of the 2021
Even though the holiday time usually provide us with low market volatility, by the end of year 2021 I expect bullish price action, possibly forming the Cup and Handle candlestick pattern. The Price action is currently trading within 9th July, 23rd August, 14th September and 25th October resistance zone belt of #1804,90-#1807,90, and if today's daily chart candle closes above the resistance zone, price action is supposed to reach it's #1828,80 strong resistance zone (by the end of the next week), and possibly hitting the higher high zone of #1866.90, forming previously mentioned daily candlestick pattern.
If price action rebounds the strong resistance zone, a pullback is expected all the way to #1.800,90 psychological barrier, as same as the previous three times price action rebounded the #1828,80 strong resistance.
Next week's Economic calendar provides us with non of high impact events that could possibly affect the markets (mostly Dollar Index's and 10 Year Treasury Bond which are correlated assets at the moment), so if next weeks markets movement happens, our 1st target should be #1828,80 strong resistance zone.
Even though the holiday time usually provide us with low market volatility, by the end of year 2021 I expect bullish price action, possibly forming the Cup and Handle candlestick pattern. The Price action is currently trading within 9th July, 23rd August, 14th September and 25th October resistance zone belt of #1804,90-#1807,90, and if today's daily chart candle closes above the resistance zone, price action is supposed to reach it's #1828,80 strong resistance zone (by the end of the next week), and possibly hitting the higher high zone of #1866.90, forming previously mentioned daily candlestick pattern.
If price action rebounds the strong resistance zone, a pullback is expected all the way to #1.800,90 psychological barrier, as same as the previous three times price action rebounded the #1828,80 strong resistance.
Next week's Economic calendar provides us with non of high impact events that could possibly affect the markets (mostly Dollar Index's and 10 Year Treasury Bond which are correlated assets at the moment), so if next weeks markets movement happens, our 1st target should be #1828,80 strong resistance zone.