This reliable pattern shows a bullish trend for gold

Money & Markets/Michael Carr

graphic illustration of cup and handle technical chart pattern“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

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