Gold Could Rise To $3000 If This Price Pattern Completes

gold price pattern bullish cup handle targets 3000 forecast image precious metals analysis news year 2020

Gold “weekly” Chart

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 8 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).

That kind of rally would be huge for gold bugs. Stay tuned!

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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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