Status of gold’s bullish cup & handle pattern
I have been writing about Gold’s super bullish cup and handle pattern since 2021.The pattern is super bullish because the handle consolidation of the past few years has transpired above the 38% retracement (around $1675/oz), and the peaks are above the peak from 2011 at the start of the pattern.The cup is nine years long, while the handle is a month away from a length of three and a half years. The handle would need to continue for another year or so before we become concerned about the viability of the overall pattern.
Final resistance for gold & silver
Gold has pulled back after a mini-blow-off on Monday that followed a new monthly and weekly all-time high.It had cleared monthly resistance at $2000 and weekly resistance near $2030 before surging intraday to over $2100. Gold has settled in the $2000s with strong support, around $2000.Although Gold has not broken out on the daily chart, the monthly and weekly breakout is more significant and implies a daily breakout will eventually follow.SentimenTrader.com published a chart that can give us insight into the time of eventually.
Gold miners follow this, not gold
(Kitco commentary) - In a short-term and cyclical sense, gold miners and junior gold stocks follow the Gold price. However, beyond the short-term, gold miners follow the "real" price of Gold because it is a better indicator of long-term gold miner profitability than the nominal Gold price.