This reliable pattern shows a bullish trend for gold
“In How to Make Money in Stocks, the book that introduced the [Cup and Handle] pattern, William O’Neil explained that the initial price target for a breakout is 20%. That provides a price target of $228 for GLD or about $2,280 an ounce for gold. But that is for a short-term pattern that sets up over six months. This is a long-term pattern that comes after a consolidation that formed over a decade. Momentum could carry the price of gold much higher.”
USAGOLD note: Some interesting technical analysis based on an old theory finding a new application today. Carr is a Chartered Market Technician for Banyan Hill Publishing and teaches technical analysis at the New York Institute of Finance.
Repost from 12-1-2020