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A “Cup and Handle” is a bullish continuation pattern in an uptrend.
The greatest factor working against this current gold chart as a cup and handle is that it appears during a consolidation pattern in a broader uptrend.
The ‘cup’ is best shaped as a “U” and the broader the bottom the better.
The ‘handle’ is a retracement when the right side of the ‘cup’ reaches its prior highs. The handle often resembles a bullish pennant.
The retracement usually does not exceed 1/3 of the advance of the cup to its second high, but can go as deep as 1/2 in a volatile market.
