Gold’s massive, bullish cup and handle pattern
Gold Eagle/Robert McHugh,Ph.D./5-10-2021
“Gold has formed and nearly completed a Massive Cup and Handle Bullish pattern that started at its September 2011 peak and has continued through now, May 10, 2021. This ten-year pattern is nearly complete. This pattern has a minimum projected upside price target of 3,000. Gold closed Friday, May 7 at 1,831. This pattern is forecasting a nearly 1,200 point, 64 percent, rise from current levels – at least.”
USAGOLD note: There is so much technical analysis out there – much of it of dubious value in our view – that we tend to overlook it. Here is one forecast, though, that caught our attention. “A cup and handle price pattern on a security’s price chart,” says Investopedia, “is a technical indicator that resembles a cup with a handle, where the cup is in the shape of a ‘u’ and the handle has a slight downward drift. The cup and handle is considered a bullish signal, with the right-hand side of the pattern typically experiencing lower trading volume.”
Gold cup and handle formation
Chart courtesy of TradingView.com
Notation by USAGOLD after McHugh’s original as presented in the article linked above
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