Daily Gold 'Cup and Handle' Chart Update

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 30% of the advance of the cup to its second high, but can go as deep as 50% in a volatile market.

The cup and handle formation will not be activated until the price of gold rallies about the 'rim' of the cup which is at 1790.

If this correction exceeds 50% then we must consider that gold is in a broad trading range.

Gold Daily and Silver Weekly Charts

As I have limited access to the news of the day I will not comment on the specific market action.

The 'cup and handle' in gold still has the potential to activate.

I will hope that my access to communications will improve later this week.

Have a pleasant evening.

SP 500 and NDX Futures Daily Charts

No comments. I have limited access to the news of the day.

The US is expecting a rather close Presidential election. It will be interesting to see how and when the markets may move in response to the final results, which may be delayed depending on the usual factors in a close race.

Gold Daily and Silver Weekly Charts - Charts Only

There will be no posts until later in the week.

Here are some updated charts only.

SP 500 and NDX Futures Daily Charts - Charts Only

There Will Be No Updates Until Monday - Update Fri Nov 2

There will be no updates until Monday, perhaps as late as Wednesday.

Thank you for your concern but I am fine, just out of pocket as they say.

Please do not email until I start posting again.

Bought some additional gold positions on Friday afternoon for my balanced hedge.

Otherwise just catching up on reading, and counting blessings.

"Lead, Kindly Light, amidst th'encircling gloom,
Lead Thou me on!
The night is dark, and I am far from home,
Lead Thou me on!
Keep Thou my feet; I do not ask to see
The distant scene; one step enough for me."

J. H. Newman

Have a pleasant weekend.

SP 500 and NDX Futures Daily Charts

The US equity markets were closed today but the electronic futures markets were open from yesterday at 6 PM until 9:15 AM today.

The volumes were very light as one would expect.

The US equity markets will be closed as well tomorrow.

The gold and silver futures were also open, which enabled a calcuation of a spot price off the front month. The volumes were so light I am not going to bother with chart updates until tomorrow.

Have a pleasant evening.