Super Duper Teacup Formation!

Sometimes it’s good to stand back from the daily gold trade and look at the big picture which is what the chart on you left does. Each of the red data points represents the average London PM gold price fix for every month since January 1995. The average price for the current month is $1,286.75. The 20-month average is $1,278.35 and the 40-month average is $1,262.38.  I’m not a technical analyst but from where I sit, given the long base building period from January 2016, this looks like a market that is ready to explode higher like a beach ball suppressed below water. Secondly, I see a super large cup and handle formation that is a magnitude bigger than the one back in 2004 that saw gold spring from the low-to-mid $400’s to an average of $1,771 in September 2011. So what you see above is a 2004-05 Tea Cup within a supper duper Tea Cup formation now. With the massive amount of QE from every central bank around the world, is it unreasonable to think gold might rise by another factor of 4 from where it currently rests?