XAUUSD = Spot Gold appears to be forming an upside-down cup and handle pattern.
At present, the handle is forming in an ascending channel so the pattern is bullish right now.
However, the completion of the handle and price dropping to the 1695 range would confirm the bearish continuation
where the price could then drop to the 1580 range based on the cup having a bottom-to-top price distance
of 110. I believe that this is worth watching for a short entry at the 1695 level. A bearish continuation in
September would coincide with September historically being one of the weakest months of the trading year.
At present, the handle is forming in an ascending channel so the pattern is bullish right now.
However, the completion of the handle and price dropping to the 1695 range would confirm the bearish continuation
where the price could then drop to the 1580 range based on the cup having a bottom-to-top price distance
of 110. I believe that this is worth watching for a short entry at the 1695 level. A bearish continuation in
September would coincide with September historically being one of the weakest months of the trading year.