I figured I might as well give you my long-term view of gold.
I was taught a long time ago that all of the great bull runs happen within one kind of triangle or another. For me, gold’s great run has taken the form of an ascending megaphone pattern.
Gold completed the megaphone formation by breaking out the top of the formation in 2011. The price target after a megaphone completes is always either the other side of the megaphone or the VWAP of the entire formation. In gold’s case, the megaphone bottom and the formation VWAP will be in roughly the same place by the time the gold price gets down to them.