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Gold Breakout Triggers Buy Signal. Is $3,000 Next Target?

Published 09/17/2020, 10:57 AM
Updated 07/09/2023, 06:31 AM

Gold Monthly Chart.

Ninety days ago this cup & handle pattern was discussed on See It Market when gold was trading at 1717.

Fast-forward to today and gold is up 15%. So it’s time for an update.

As we pointed out 90 days ago, the initial price magnet for the rally was the 261.8 Fibonacci extension that marked the 2011 high at (1).

That high has served as price resistance for nearly nine years. But it may be turning into support now.

Gold has rallied sharply up the right side of the pattern and pushed past its 2011 highs. In fact, the “monthly” candle is currently attempting to break out, and should it hold, would target the next Fibonacci extension at (2).

As we pointed out 90 days ago, that target comes in at $3,000!

From an intermediate perspective, its important for gold that old resistance as new support!

Latest comments

I am confused the currently handle pattern is above the inital cup level, If this is the case we are not ahving a cup and handle TA at all, since the definition of a handle is below the the inie year high
Very well written with impeccable TA and the cup with handle pattern is beyond doubt. However, the big players will continue to spoil the logic and offset the waves as characterized by the dollar's insane and haphazard attempts to head high in vain.Till elections, expect the unexpected..........
2200 Before US Election (Nov2020)1780 Covid Vacc (Q1 2021)1800-2070 Optimism-Doubt (Rest of 2021)3000 Low rates (2023)1500 Economy at peak (2025)Nothing is certain though. Just my plan for gold.It’s a marathon, not a sprint!
TA is hocus pocus. Get a real job!
At this rate, clean fresh water will be worth $3000 a gallon by 2021!! We are heading towards a devastating global depression. Buckle up!!
You guys need to listen to him
Everything he writes is completely hypothetical contrarian horse dung. Do the opposite of what he says and grow rich.
sorry but usd is not acting to support that
Chooo Chooo. lol
$3k is likely in the not too distant future.
logically you are right but this is wallstreet..... logic dosent work here...... this is Americas biggest casino... stocks in all sectors are falling......as well as Gold😀
3000 next target in the year of 2050🤣🤣😍
doubtful ... try 2070
well dreams are free. he can write whatever he wants.
Agreed
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