Gold is destined for about $2800 long term

This is the monthly gold chart. The top in Sep 2011 was $1920.94. The bottom in Dec 2015 was $1046.54. This is a large cup and handle formation. The cup is from the top to the bottom and back to the top of the cup in July 2020. For the past nearly 3 years, the handle has formed with gold going briefly over $2000 again today.

The depth of the cup is top - bottom = $1920.94 - $1046.54 = $874.40; add the depth of the cup to the top of the cup to form a long term minimum target for gold. $1920.94 + $874.40 = $2795.34 or nearly $2800 minimum. It could go substantially above that minimum target since the duration of this cup and handle has been 11.5 years.