Each investor has to be aware of what their time frame is. Are we looking at the coming days, weeks, months, or years?
Some are traders, and some are more active than others.
Timeframes are particularly important right now for precious metals, especially over the long term.
Today, we look at long-term monthly charts for gold, silver, and copper. As you can see, similar-looking patterns are developing for each. Cup with handle for Gold and Silver and a strong base cup for Copper.
Again, these are very long-term charts. Clearly, the near term has seen some selling and consolidation in Gold and Silver’s “handle” phase. So those are biding their time and will become very bullish when they reassert their up-trend.
Copper is testing its highs from a decade ago at (1). If Doc Copper would succeed in breaking out, its next Fibonacci extension level is a good percentage above resistance.
The long-term setup is looking good here. Watch to see if Gold and Silver can reassert their up-trends by breaking out of the intermediate consolidation. And let’s see if Copper can breakout to new highs.