Gold breakout of long term cup and handle; target near $4000

Gold on the monthly chart has broken out the last few months from a large cup and handle formation since the near $2000 top in 2011.

The bottom of the cup is $1000 or so. The top of the cup is $2000. The cup depth is cup top - cup bottom = $2000- $1000 = $1000. The minimum price target is cup top + cup depth = $2000 + $1000 = $3000. I believe from the measurement of this cup and handle, however, it projects about twice the depth of the cup or up to $4000. That could come in the next year or two.