GOLD Cup & Handle + Upward Trendline. Buy The Dips

GOLD is showing a nice Cup & Handle looking pattern on the daily chart with a strong moving upwards trendline. There is strong support here at the $1299-$1300 area with an upside of nearly 38% to its previous highs of $1800. This makes for a great hedge play against other areas of your portfolio. Take a look also at Silver which is bottoming around $15. Silver is a bit more wild, but looks to also be set for large gains in the near future.

Comment:

While GOLD has slipped slightly we remain within projected levels and above the upwards trendline beginning August of last year. Given the current extension of the stock market, it makes a great hedge to slowly build a position to hedge against a possible downturn in equities.