Is Gold forming another long-term bullish cupping pattern? Sure could be!
Is the long-term pattern complete? If history is a guide, it would suggest not yet.
When gold attempted to break above its 1980 highs, it first needed to form a “handle.” It did so by declining around 30%, which most likely shook out a good deal of gold traders, thinking that a double top was forming.
Gold is currently testing its 2011 highs at (2), where it looks to be forming a bullish cupping pattern over the past 9-years.
Joe Friday Just The Facts Ma’am; Gold is attempting to breakout above the 2011 highs and sends a very bullish message. If history is a guide, it is possible that a handle needs to form first.