Is It Tea Time for Gold?
April 21, 2009 by
Filed under News
With all of the tea bag parties going on, I thought I would take a look at gold’s technical picture and see if it was tea time yet for gold.
Cup and handle patterns are one of the most bullish set ups for technical analysts and can signal an explosive move to the upside. As the stock comes up to test the old highs, the stock will incur selling pressure by the people who bought at or near the old high. This selling pressure will make the stock price trade sideways with a tendency towards a downtrend for four days to four weeks… then it takes off.