Gold formed a cup and handle pattern as you can see on my chart.
If we break out of the handle to the upside, I expect gold to head towards 2,500 and 3,000.
With economies heavily distorted, the money supply increasing (which will probably keep going up as governments print more and more money) and there being a lot of leverage across all risk assets, I am very bullish on gold and could see gold going much, much higher in the longer term.
An interesting way to look at it : The 9 year gold bull market from 1971 to 1980 saw gold rise 2200%. Then the 12 year bull market from 1999 to 2011 saw gold rise 700%.
If you take the average of the two, gold will go up 1500%, with a base of 1050 (the low in 2015), that puts gold at around $15,000.
Not saying gold will get there, but according to history, it could.
Any questions?
Good luck traders
Habib
If we break out of the handle to the upside, I expect gold to head towards 2,500 and 3,000.
With economies heavily distorted, the money supply increasing (which will probably keep going up as governments print more and more money) and there being a lot of leverage across all risk assets, I am very bullish on gold and could see gold going much, much higher in the longer term.
An interesting way to look at it : The 9 year gold bull market from 1971 to 1980 saw gold rise 2200%. Then the 12 year bull market from 1999 to 2011 saw gold rise 700%.
If you take the average of the two, gold will go up 1500%, with a base of 1050 (the low in 2015), that puts gold at around $15,000.
Not saying gold will get there, but according to history, it could.
Any questions?
Good luck traders
Habib