An epic cup and handle in gold? (Weekly chart)

Here's a weekly chart of gold. It goes back to 2011 and a even shows some of 2009 and 2010. But the focus of this chart is the epic rounded bottom since the 2011 highs, which are now rounding in a possible cup and handle formation. This could take weeks to play out. The chart I am sharing here is a weekly after all. Let's see if the bulls and bears have a good battle in the handle region. A few weeks in and we will know who wins.

Another interesting thing to see is the perfect top of the Bearish Engulfing (BE Red label) candle since the recent 2020 high. That same bearish engulfing candle happened in 2011 and 2012, both time gold peaked and eventually sank into its rounded bottom.

I will be watching.

I think gold can show you what a lot of people are thinking especially those trying to preserve capital. Hoard gold until you know what's next. I don't have a position, but I watch it closely. I prefer to hold a few equities I like and some cash when possible.

Thanks for reading and let's see what happens!