Gold's formed a Cup and Handle pattern on the Daily chart. From this pattern formation technically, one can expect a bullish break out from the trend line and higher. Fundamentally, this prediction is backed up by inflation reports which hedging against it is the primary reason why Gold is a safe haven commodity. On the flip side, Gold's price could drop as the pattern is not a sure-bet, no pattern is. Additionally, the Fed's tapering and expected rate hikes this year could avert inflation and counter a bullish price swing. Also the bullish inertia to bring the price to a breakout could further see to its drop. Either way, a massive price impulse on Gold price is expected this year.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.