Let's take a close look at $Gold #Gold from 2001 until it's highs of 2011 (Monthly charts)
Here, I'm only working with the Fibonacci.
Drawing the levels from bottom of 2001 tonthe highs of 2011 where Gold peaked. We just got a decent retracement towards the 50% Fib levels forming a 'Cup' and an ark .
Now, within this ark right from the 2012 / 2013 levels Gold continues to form a massive head and shoulder pattern, which is an inverse head and shoulder pattern which goes on for precisely 5 years within a range, eventually breakout out in March 2019 and finally breaking the neckline by June 2019 around $1358.
This massive H&S break took Gold straight to lifetime highs around $2048 where it peaked again by Mid of August 2020 which took 1 year to move from the neckline to life time highs.
Now as Gold consolidated towards $1680 from its August 2020 highs this consolidation was forming a bull flag pattern, now let's measure the Fibonacci distance from the bottom of 2017-2018 to August 2020 peak we get 38.2% at $1704 just a few weeks ago.
Now if this had to continue, which I was expecting Gold to perhaps test even $1600 and $1587 and rounding off from there whilst silver finally sits at $21 before we never see such prices again (this was quiet a possibility and still remains )
However, since Gold has started rounding up forming a 'handle' and if Gold finally sits at bids around $1834 this would definitely be a confirmation of the handle .
Now, measuring the bottom of the ark from 2012 - 2013 right until the 2009 peak that's $804 US Dollars
Let's say 805 points. Now, we add 2009 peak 1868 + 804 we get $2672 which eventually is the next target for $Gold. This will be so quick, let me tell you.
You'd want to keep your eyes on this one
-Experienced Proprietary Trader & Technical Analyst
Jay Khanna
JayKhanna@live.com
Here, I'm only working with the Fibonacci.
Drawing the levels from bottom of 2001 tonthe highs of 2011 where Gold peaked. We just got a decent retracement towards the 50% Fib levels forming a 'Cup' and an ark .
Now, within this ark right from the 2012 / 2013 levels Gold continues to form a massive head and shoulder pattern, which is an inverse head and shoulder pattern which goes on for precisely 5 years within a range, eventually breakout out in March 2019 and finally breaking the neckline by June 2019 around $1358.
This massive H&S break took Gold straight to lifetime highs around $2048 where it peaked again by Mid of August 2020 which took 1 year to move from the neckline to life time highs.
Now as Gold consolidated towards $1680 from its August 2020 highs this consolidation was forming a bull flag pattern, now let's measure the Fibonacci distance from the bottom of 2017-2018 to August 2020 peak we get 38.2% at $1704 just a few weeks ago.
Now if this had to continue, which I was expecting Gold to perhaps test even $1600 and $1587 and rounding off from there whilst silver finally sits at $21 before we never see such prices again (this was quiet a possibility and still remains )
However, since Gold has started rounding up forming a 'handle' and if Gold finally sits at bids around $1834 this would definitely be a confirmation of the handle .
Now, measuring the bottom of the ark from 2012 - 2013 right until the 2009 peak that's $804 US Dollars
Let's say 805 points. Now, we add 2009 peak 1868 + 804 we get $2672 which eventually is the next target for $Gold. This will be so quick, let me tell you.
You'd want to keep your eyes on this one
-Experienced Proprietary Trader & Technical Analyst
Jay Khanna
JayKhanna@live.com