Gold Market Analysis June 2023
Gold Market Analysis June 2023 Here we are looking at the Gold futures contract on COMEX, which is identified with the ticker $GC. We've noticed a 'Cup & Handle' Pattern forming since 2011 on Gold prices. The pattern is a high probability pattern since it works out over 80% of the time when back-tested in history, this pattern is now well known amongst traders and often traders tend to get into purchasing a financial instrument soon after the breakout of the 'Handle' which is 1/4 the size and time period of the formation of the 'Cup' Gold prices recently developed a 'Triple Top' Pattern reaching peaks at several occasions from July 2020 at $2089.2, another two years later in January 2022 at $2078.8 & the third recently at $2085.4 in May 2023. From every peak there has been a reversal in price with institutions pressuring #Gold prices using short positions and derivative contracts. As the 'Triple Top' pattern is also another high pro...