Gold Cup & Handle?

Is this a bullish Cup & Handle forming in gold (GLD)?

If so, it’s still just a baby handle and these things can go on further than you might expect after first identifying the Cup & Handle.

Negative: It was a gappy ride up for GLD during the Santa seasonal and war drums. So there could be some significant back-filling work to do here.

Positive: Right side of the Cup is higher than the left and it was formed w/ volume (caveat on that being said war drums). Also, those moving average trends point in a northeasterly direction. There was no negative RSI divergence at the most recent (overbought) high, unlike the August high.

Backing out all the noise out there (in my head the CoT is first and foremost) this is technically sound regardless of whether it’s a mini handle to the EMA 20 gap fill around 144 or a more maxi one toward 140.

gold (gld)

Subscribe to NFTRH Premium (monthly at USD $35.00 or a discounted yearly at USD $365.00) for an in-depth weekly market report, interim market updates and NFTRH+ chart and trade setup ideas. You can also keep up to date with actionable public content at NFTRH.com by using the email form on the right sidebar and get even more by joining our free eLetter. Follow via Twitter @NFTRHgt or StockTwits.