XAUUSD on the daily chart has a long-term cup and handle now in its final formation.
Spot gold price has risen above the lip of the cup and is in position to ascend from there
the height /depth of the cup for about another $100 on the current price based on
the pattern to occur over the width of the cup or about 6-8 months. Any gold related
instruments including miners, junior miners, ETFs like GLD, JNUG , NUGT and
gold itself on the forex markets should be in an overall uptrend. Any further degradation
in the
USD
will further support Spot Gold rising.
Using the Bollinger Band oscillator or Luxalgo I will try to buy when XAUUSD is at the bottom
of the Bollinger Bands ( Red Histogram is high / Green Histogram is low ) and sell in
an opposite fashion with positions on and off to profit from the uptrend ongoing.
Spot gold price has risen above the lip of the cup and is in position to ascend from there
the height /depth of the cup for about another $100 on the current price based on
the pattern to occur over the width of the cup or about 6-8 months. Any gold related
instruments including miners, junior miners, ETFs like GLD, JNUG , NUGT and
gold itself on the forex markets should be in an overall uptrend. Any further degradation
in the
USD
will further support Spot Gold rising. Using the Bollinger Band oscillator or Luxalgo I will try to buy when XAUUSD is at the bottom
of the Bollinger Bands ( Red Histogram is high / Green Histogram is low ) and sell in
an opposite fashion with positions on and off to profit from the uptrend ongoing.