$3000 GOLD
Technically, if April Gold Futures close above $1900 on a weekly basis later today, the odds increase of the breakout continuing towards the $1920 level next week. Further out, we need to see a monthly close above $1900 for technical confirmation of a bullish breakout in gold. Looking at the bigger picture, gold has created a significant 12-year cup and handle pattern, which would be completed once the $2100 level has been breached on a monthly closing basis. There are not too many examples of a multi-year cup and handle pattern in the major markets, and investors should understand how bullish this pattern can be when it occurs over a long period of time. The current cup and handle pattern in gold projects to a technically measured upside target of around $3,000.