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

By Chris KimbleCommoditiesSep 17, 2020 10:57AM ET
www.investing.com/analysis/gold-breakout-triggers-buy-signal-is-3000-next-target-200537956
Gold Breakout Triggers Buy Signal. Is $3,000 Next Target?
By Chris Kimble   |  Sep 17, 2020 10:57AM ET
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Gold Monthly Chart.
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!

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

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

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Comments (13)
ES SS
ES SS Sep 19, 2020 7:36AM ET
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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
Sunil Kumar Dixit
Sunil Kumar Dixit Sep 18, 2020 6:12AM ET
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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..........
RiAnne Andres
chartbreaker Sep 18, 2020 3:10AM ET
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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!
Invest Right
Invest Right Sep 18, 2020 12:29AM ET
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TA is hocus pocus. Get a real job!
BiG DaDDy CK
BiG DaDDy CK Sep 17, 2020 10:30PM ET
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At this rate, clean fresh water will be worth $3000 a gallon by 2021!! We are heading towards a devastating global depression. Buckle up!!
Adil Khan
Adil Khan Sep 17, 2020 10:14PM ET
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You guys need to listen to him
Tubsy SkinntFinger
TubsSkinnyFinger Sep 17, 2020 7:23PM ET
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Everything he writes is completely hypothetical contrarian horse dung. Do the opposite of what he says and grow rich.
John Raymond
John Raymond Sep 17, 2020 6:49PM ET
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sorry but usd is not acting to support that
John Doe
ForexInsiders Sep 17, 2020 6:04PM ET
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Chooo Chooo. lol
Andrew carson
Andrew carson Sep 17, 2020 3:42PM ET
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$3k is likely in the not too distant future.
 
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