Cup and Handle has formed on the daily and it follows with the upside in the gold price We have the 7 > 21> 200 MA and Price> 200 which is bullish Target R289.22. We also have the Chinese New year with consumers buying gold as gifts, which can push up demand for the metal. We've seen a bit of a weakness in the U.S. dollar, which you can see with the DIXIE, which can make gold more attractive to foreign investors. Central banks and other large institutions normally add gold to their reserves at the start of the year.
Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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