made an inverse head & shoulders
pattern on monthly chart. After breaking-out, price retested the neckline at 1160 in August 2018. That was also a retest of the 12-year uptrend line since 2007. Uptrend has been confirmed since gold
broke out the multi-year range between 1100 and 1370, reached above 1400 which is a higher high. If we calculate the target of the inverse head & shoulders
pattern, it can approximately take gold
to as much as 1650.
This is just a long-term forecast, which is not going to happen in short term but can happen within this year or next couple of years. The inverse head & shoulders
pattern will be invalid if gold
trades under the low of 2015 at 1046.