Commodities Analysis and Opinion
Gold Bulls Buoyed as Prices Close at Monthly and Quarterly Highs
2023.04.05 05:36
prices remain elevated as inflation, political differences, and the prospect of international war radiate on the horizon.
This prospect of uncertainty tends to be where gold finds buyers at higher prices.
Today, we revisit a pattern that we have highlighted several times over the past 5 years: The cup with handle.
Below is a long-term “monthly” chart of gold highlighting the pattern. Note that just last month, gold closed at monthly and quarterly all-time highs at (1).
This has gold bulls quite eager to see if this is the major breakout they have been waiting for.
If so, the first upside price target (1.618 Fibonacci level) is at $3,000. That level is nearly 50% higher. Stay tuned!
