New Gold & Silver Targets
It has been less than two weeks since I originally posted my short to intermediate term gold and silver targets, which I reflected upon yesterday. Since there doesn’t appear to be an immediate need for the FED to use their ammo to support the stock market, YET, I am not going to wait for them to say and or do anything. These new targets are naturally based on the charts(as always). The only thing any FED news(action) can do is accelerate reaching them. For silver all of my original targets have been met except the final one of $22 at the 200 day mvg avg. Given yesterday’s display of strength it won’t be long before silver reaches $22 and won’t take much time to break out above it. Once it does, it is going to be a rapid succession of round numbers being taken out on the way to the $30-$31 area highs from 2021 and 2020. Gold is a bit trickier but not disimilar. Gold still has to reach some of my original targets of the 50 day around $1735, which should be reached soon. After the round number of $1800 is breached, resistance comes in around the 200 day mvg. avg. zone around $1825-$1830. The last real strong resistance will come in the $1875-$1900 zone. It is likely to take news from the FED to accelerate the gold price through that final zone where gold will join silver in taking out round numbers on a regular basis until it reaches new ATH territory. Remember this is a journey not a short term trade. There will be a lot more days like yesterday for silver, where prices scream higher, mixed in with many slow steady advances as well. Sit back and enjoy the journey.
Sir Chartmaster, enjoying your analysis.
It seems to me that, in the past run-ups, AG and AU tend to blast off before the FED announces QE/pivot.
AG/AU seems to anticipate it, almost as if the insiders are jumping in 😀
You are spot on. This time, as is usually the case, the FED has leaked to insiders what is coming. That is both, why all markets are soaring these last two days, and why they will wait for the ultimate correction before they reveal what changes in policy are coming. You get a double barrel effect this way. Let the insiders run it up and squeeze the shorts and after that runs out of steam and things get dicey on a pullback, you release the news and get another leg up.