Okay, so we are having a little bit of fun here… but this really is a massively bullish pattern for Gold.
And we have been tracking this Gold cup with handle pattern since early 2020. Read our last update here.
As you can see in the “monthly” Gold chart above, the “handle” part of the pattern is shaping up nicely – it has been forming over the past 9 months at (1).
If a breakout takes place at (2), look for gold to push towards the 3,000 level. Note that 3,000 is also the 423% Fibonacci extension level.
But there is still work to be done… and precious metals tend to be quite volatile. So buckle up and stay tuned to that “handle” formation and breakout level. A move above (2) could send gold bugs over the moon!