For the first time, Gold finally closed above 2085. Is this bullish for a break?

Why is this a milestone? Because it indicates that investors are now willing to hold their gold positions over the weekend. This decision reflects their intention to bear the risk associated with weekend market fluctuations. In the past, despite multiple attempts, gold prices consistently faced rejection at the 2085 resistance level, resulting in long tails on the charts.

The recent successful close above 2085 suggests growing confidence in gold’s upward potential. Investors are demonstrating their commitment to weathering the weekend volatility, which bodes well for further price appreciation. 📈🌟

Indeed, it is resembling a cup and handle continuation pattern.

The cup and handle pattern is a bullish chart formation.

Imagine a U-shaped cup on the price chart.

It shows a pause in an uptrend.

The cup’s depth should be small (about 1/3 of the previous rise).

After the cup, there’s a pullback called the handle.

The handle is like a mini consolidation.

It shouldn’t retrace too much (ideally 1/3 of the cup’s advance).

When the price breaks above the handle, it’s a bullish signal.

Investors are confident and willing to hold over the weekend.

The projected move is based on the cup’s depth.

In short, the cup and handle pattern suggests a continuation of the uptrend. 📈🏆

Near term: $2250

Long term: $2600