GOLD Cup & Handle + Upward Trendline. Buy The Dips
Updated
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.
Note
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.
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