Gold Cup and HandleGold formed a potential cup and handle pattern. Price break out of the handle, which is also a bullish flag and close above measured high. Therefore taking long positions should be safe now. The final target (1272) is the same price range as the initial bullish wave and represents 161.80% of Fibonacci extension.
The price may also re-test 1120 (from 1230) several times before the major movement up will be made.
This is fully consistent with the major downtrend channel on weekly chart (see related ideas).
