GOLD - At Cup and Handle Neckline after retesting handle support
Previous chart i posted of the Cup and handle pattern:
After adjusting the upper descending trend resistance to channel through the tops of candles rather than through tops of the wicks, a retest of the handle support is evident.
Clear rejection with 4H wicks shown, and the subsequent rally confirms it. We are now at the neckline of the pattern around the 1440 zone. If this level is broken expect a possible retest before the ultimate rally much higher.
**NFP numbers tomorrow may provide the impetus for this move, until then I do not believe we will see the neckline broken
After adjusting the upper descending trend resistance to channel through the tops of candles rather than through tops of the wicks, a retest of the handle support is evident.
Clear rejection with 4H wicks shown, and the subsequent rally confirms it. We are now at the neckline of the pattern around the 1440 zone. If this level is broken expect a possible retest before the ultimate rally much higher.
**NFP numbers tomorrow may provide the impetus for this move, until then I do not believe we will see the neckline broken