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Charts Indicate Precious Metals Unsure About Next Major Movement

Published 10/30/2013, 04:46 AM
Updated 07/09/2023, 06:31 AM

Chart 1: Precious metals are still deciding the next major movement...
Precious Metals Technicals
Precious metals have suffered a lot in the recent downtrend which started all the way back in October 2012. So far the lows in early July seem to be holding with the price once again testing the downtrend line from the technical perspective. Both Gold and Silver find themselves very close to an upside breakout, but I am not yet convinced PMs have truly bottomed so just as easily we could see a downside break too.

Chart 2: ... while the Japanese Yen is close to a break in either direction!
JPY
Japanese Yen is in a similar setup and the next major break could also be a deciding factor for the stock markets around the world. Trades should let the price decide direction in coming days and weeks. I will be participating in both trades from the shorter term basis and will be trading with the path of least resistance. Good luck to all!

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