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Cup and Handle Pattern on Gold?


Analyzing the price of Gold on the chart currently is showing us that we are uncovering a potential popular chart pattern named the (Cup and Handle) pattern, which indicates to us the following scenario:

The pattern is still currently in play and has not been completed as of yet, however it will be completed as soon as the market price of Gold rallies up to the price level of $1920, which will give us a complete (Cup) move.

Once we have reached the $1920 price, we should then expect a sharp drop from that level, and the reason for that is because $1920 happens to be a key residence level on the weekly chart of Gold.


Once the move down starts from $1920, we should then expect a sharp move all the way down to $1580, as that will coincide with an important support level.

And as soon as we start to bounce up from $1580, that will then be an indicator of a huge rally on Gold, that should take us to new all-time highs, and possibly even $3000 per ounce.

Below is a classic diagram of how the Cup and Handle Pattern should play out as:

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