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).
Stock Patterns of late look very similar to the 1987 crash! Could the actually be bullish for stocks? YES!!!
I did a Kimble Shorts video on this topic, that goes into deeper detail about the similarities between 1987 and 2020….CLICK HERE TO WATCH THE 10 MINUTE VIDEO