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Gold Price Pattern Cup And Handle…To The Moon?

By Chris KimbleCommoditiesMay 09, 2021 12:23AM ET

www.investing.com/analysis/gold-price-pattern-cup-and-handleto-the-moon-200578658

Gold Price Pattern Cup And Handle…To The Moon?

By Chris Kimble | May 09, 2021 12:23AM ET

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Gold Monthly Chart

Gold Monthly Chart

Okay, so we are having a little bit of fun here… but this really is a massively bullish pattern for Gold.

And we have been tracking this Gold cup with handle pattern since early 2020.

As you can see in the “monthly” Gold chart above, the “handle” part of the pattern is shaping up nicely—it has been forming over the past 9 months at (1).

If a breakout takes place at (2), look for gold to push towards the 3,000 level. Note that 3,000 is also the 423% Fibonacci extension level.

But there is still work to be done… and precious metals tend to be quite volatile. So buckle up and stay tuned to that “handle” formation and breakout level. A move above (2) could send gold bugs over the moon!

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Solomon May 09, 2021 10:55AM ET

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1682 and below was the best buying opportunity for those who missed buying earlier. There was a clear double bottom around 1676.

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