Here’s how much higher gold prices can still go — even after doubling the past two years

I am reiterating my bullish view on gold. Gold staged an upside breakout through a cup-and-handle pattern at $2,100 in early 2024 and hasn’t looked back. Moreover, it has staged upside relative breakouts against both the S&P 500 SPX and a 60%-stock/40%-bond portfolio, and it has stayed above the relative breakout levels even after its recent pullback.

The technical pattern of multi-year bases and subsequent absolute and relative breakouts is highly reminiscent of the pattern experienced by gold at the start of the century, which took the yellow metal from its breakout at $500 in 2004 to significantly higher prices.