Gold and silver prices have reached important long-term buying interest areas last week and we have the first reversal signs. If you have been reading my daily analysis in gold through my partnership with InstaForex you know I remain longer-term bullish and you were notified promptly by the wedge pattern breakout and the warning signs we were given before the upside reversal.
My minimum bounce target is at $1,260 but overall I believe there are a lot of chances that an important low is in and that a new upward move has started, that eventually will break the long-term downward sloping trend line we have hit so many times and got rejected.
Some interesting miner charts:
I have long positions in ABX (NYSE:ABX), AG, GDX (NYSE:GDX), WPM, XME, and in future contracts.
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