This chart starts at the 2008 crash low where Gold formed a beautiful H&S consolidation pattern which launched Gold on its way to the 2011 all time high.Next came the bear market which bottom in 2016 which created the head of the very large 2016 H&S consolidation pattern. With the breakout gap last Monday there is no doubt on how the top rail can now be applied.Next is a longer term monthly chart which puts the 2020 trading range into perspective. The top trendline of the 2020 trading range has always been tough to figure out exactly where to draw it, you know one was there, but there were several different ways it could have been drawn. Its a bit hard to see on this long term weekly chart, but if you look at the thumbnail on the right sidebar you can see the breakout gap that occurs on Monday. At this point it’s just semantics.Last Monday March 4th you can see the breakout from the 2020 bullish expanding falling wedge. This nearly 4 1/2 year consolidation pattern can also be called a cup and handle or a H&S consolidation. I know the title of this Weekend Report may sound a little bold, but after tracking the 2020 trading range from every imaginable point of view I can say with a strong vote of confidence that the beginning of the next important advance in its secular bull market for Gold, that began at the 2000 low, is underway.We could still see a backtest to the breakout point, but that would just be part of the breaking out and backtesting process.Lets start with the weekly chart for the GLD which shows the 2020 trading range which I’ve labeled as a flat top expanding triangle. Weekend report.gold’s confirmed breakout | Kitco News BUY/SELL GOLD & SILVERBullion Coins and BarsPrecious MetalsAll Metal QuotesCryptosMarketsMiningNewsAboutCommoditiesCryptocurrenciesMiningEconom圜onferencesOpinionopinionWeekend report.gold’s confirmed breakoutBy Rambus ChartologyPublished:9:13 PMUpdated:9:18 PMKitco CommentariesOpinions, Ideas and Markets TalkFeaturing views and opinions written by market professionals, not staff journalists.
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