XAUUSD - Gold Bug's Road Map for Swing Long Cup and Handle This 4 hour chart of XAUUSD Spot Gold demonstrates a cup and handle over the past year.
The stochastic RSI indicator has been adapted to the long chart period.
Over the current YTD the handle has formed and price is headng to the top of the cup
where an uptrend should extend to the same additional upside as the cup height.
This would equate to a price of about $ 2100 to be achieved over about six months
which is approximate 1/2 of the cup width.
Fundamentally, the expected recession coupled with the bank upheavals, the collapse
of FTX and other challenges to crypto lead a " flight to safety" Globally, central
banks are stockpiling gold as means to fortify ahead of the economic headwinds
This has created a supply and demand imbalance. Eco 101 says the price will
adjust upward until demand destruction sets in.
On the equities markets, mining stocks have had a good month as have the
ETF both leveraged and unleveraged.
