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Gold Targets $3,000 Per Ounce According To This Pattern

ByChris Kimble
Published 04/22/2020, 03:13 PM

In 2011, gold bugs were gushing with bullish sentiment as gold prices rallied sharply before peaking around $1900.

That peak formed at the 261.8 percent Fibonacci extension of the 1979 high / 1999 low at (1) on today’s chart.

The next eight years saw gold prices enter a bear market before bottoming and turning higher in what could be a cup and handle pattern setup.

This pattern has the attention of gold bulls. Now all we need to see is a handle form for this to pattern to be complete. That would entail a pullback and rally higher.

Should this pattern form and lead to new highs, it could then target $3000 (the 423.6 percent Fibonacci extension).

Latest comments

Chart is way wrong.
interestingly enough is to see a bearish cup with a handle already taking shape on the weekly dollar chart .
A few years ago, I was following gold quite closely and the things the analysts were saying at that time. GOLD TO REACH $10K. Some went even crazier than that. I think gold is a scam. What a ********investment tool. My 2 cents 😁
A very good analysis. Can you please confirm time frame.?
monthly
can anyone told which rate will complete handle of cup???
Trump should print trillions of stimulus dollars every day and give everyone in America $1 million dollars... Problem solved....
Then no one would work and your money would be worthless because you couldn't buy anything because no one would work to make them. I mean duh!!
Salaries will spike because no one would work for minimum wage. Then prices will spike because of labor costs. A Starbucks coffee will cost $100k. Rent will increase to $15 million/month. It's been done before. It's called hyper inflation. In that scenario the price of gold will skyrocket against the USD.
And that time USD will be a half of today price. haha
We already completed the handle vis. the fall in March. Breakout is coming witness the GDX which already broke it's cup & handle formation. Te train is leaving the station.
GDX broke out on low volume.  Spot gold/Spot silver going up, also silver was NOT falling the breakout.  It looks more like a fake out to me.  Gold might go up in the long term, but not now.
We already saw the handle with the short term pullback-crash in late March.
Think gold will go down significantly first (between 1100 and 1350) and then up to 3000. So there will be one last big buy oportunity... Don't miss it!!!
Hopefully its a cup with a handle. Japanse cups have no handle. Jk.
What is the impact to usd if the gold raised so quickly at this moment???
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