Futures OroLong
Gold Cup&Handle in 19-Year Bull Market
Gold price closed out 2021 at 11828/OZ which is the highest quarterly closing price since Q4 2020. Price is also testing the upper handle line of the decade-long cup and handle formation which if successfully completed would see price well above 22000/OZ in the years to come.
Gold broke above all short-term moving averages in Q3 2003 which ended the previous bear market, and on a quarterly basis price has been in a technical bull market ever since. The lower PPO indicator confirms bullish momentum behind price, and has been reading bullish ever since 2003 as well.
The long-term trend and momentum behind gold remains bullish with price expected to move to new all-time highs above 22100/OZ in 2022. Short-term resistance, on a quarterly basis, is at local highs made in 2020/2021 near 1900/oz. The next resistance level after $1900 is $2089 which is the current all-time high set in Q3 2020 and is expected to be surpassed in 2022.
Gold broke above all short-term moving averages in Q3 2003 which ended the previous bear market, and on a quarterly basis price has been in a technical bull market ever since. The lower PPO indicator confirms bullish momentum behind price, and has been reading bullish ever since 2003 as well.
The long-term trend and momentum behind gold remains bullish with price expected to move to new all-time highs above 22100/OZ in 2022. Short-term resistance, on a quarterly basis, is at local highs made in 2020/2021 near 1900/oz. The next resistance level after $1900 is $2089 which is the current all-time high set in Q3 2020 and is expected to be surpassed in 2022.
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