Saturday, March 14, 2009

Cup and Handle is one of my favorite websites to check on a daily basis for more on what the experts believe the spot price of gold is and will be doing. I love how everyone seems to agree on the same theories and even on the same numbers . The common theme is $1,500-$1,700 per ounce, which would be a 50% increase from where it is now and a 500% increase from where it was less than 10 years ago. Hubert Moolman posted in his article about the "Cup and Handle" formation gold has been forming since the 1980's, which by many investors is agreed to be by far the most bullish formation. He goes on to state that gold recent correction to 900 confirms it's still "very much on course" and that we should "not be surprised to see $50, $100 and more up days, should key levels be broken."

From your lips to God's ears Mr. Moolman. Jim Sinclair shares your theory, and for years has quoted gold to be $1,600 an oz. There has been a few people that have spoken about gold reaching a "double top" when it went back above $1,000. However, I belive that it not breaking it's old high is not a bad thing. More so that that will be part of the force behind gold shooting up harder in the very near future. I believe the next big gold move is going to be up, and very strong. Are you ready for it?


To see the "cup and handle" chart...
for more on MR. Moolman's article