Usman Salis
⬤ Gold now sits just below a level that often decides its next big step. The recent price action has traced a classic cup-and-handle shape - a smooth, bowl like fall and recovery forms the cup and a short, shallow drop after that forms the handle. Traders read this picture as a sign that the uptrend wants to resume.
⬤ The cup portion ended when price rose from the lows and returned to the same peak it had failed to hold earlier. From that peak the metal eased downward in a narrow, gently sloping channel - this retreat is the handle. Inside the channel the market has tested the top edge multiple times - yet each test produced only a small slip lower. This quiet churn just under the old peak stores energy for a possible thrust upward.
Gold looks ready to break, the pattern's tracker said.
⬤ Each low inside the handle sits slightly above the one before it - sellers lose strength while buyers edge in. The channel grows tighter as it reaches its tip, the usual picture just before price tries to push through. The chart's arrow marks where the quote might travel if gold closes above the rim.
⬤ The cup-and-handle pattern matters because it frequently telegraphs more upside. Price now hovers close enough to that rim that the coming days should show whether the metal breaks free or once again backs away. The narrowing range tells that the market is choosing - traders wait to see if buyers overpower the line.
Usman Salis
