Gold huge targets on monthly frame!
As seen in the gold chart on the monthly timeframe, gold has formed a cup and handle pattern with a peak at 2073-2080, which has been breached, requiring a retest before soaring towards the target of 3100.
Simultaneously, an inverse head and shoulders pattern has formed along the same neckline at 2073-2080, with a target of 2520.
The cup and handle pattern and the inverse head and shoulders pattern are activated by testing the neckline at 2073-2080 and holding above it. Both patterns are invalidated by breaking the handle's bottom at 1600.
I understand these figures are large and distant, requiring months or even years for the patterns to unfold. However, for long-term investment, it seems that gold is inevitably heading towards the 2500-3000 dollar per ounce range.
-Tamer Omar 07/03/2024
As seen in the gold chart on the monthly timeframe, gold has formed a cup and handle pattern with a peak at 2073-2080, which has been breached, requiring a retest before soaring towards the target of 3100.
Simultaneously, an inverse head and shoulders pattern has formed along the same neckline at 2073-2080, with a target of 2520.
The cup and handle pattern and the inverse head and shoulders pattern are activated by testing the neckline at 2073-2080 and holding above it. Both patterns are invalidated by breaking the handle's bottom at 1600.
I understand these figures are large and distant, requiring months or even years for the patterns to unfold. However, for long-term investment, it seems that gold is inevitably heading towards the 2500-3000 dollar per ounce range.
-Tamer Omar 07/03/2024