The well respected chartist Clive Maund who is no gold bug and does his work strictly by the rules of technical analysis concludes that the current price charts for both gold and silver show classic price bottoms for the two precious metals (see below).
The graphs below speak for themselves. The reverse head-and-shoulders pattern is a classic trend reversal pattern. It has been observed many times before in financial charts. Here’s gold:
Given the close alliance between the two monetary metals it should be no surprise to see a more volatile version of the same thing in the silver chart: 
Could investors be fretting about the stock market when they ought to be just getting on with buying more gold and silver? If the technical charts are right then that is the only conclusion.
Besides is not the more obvious outcome of the Washington debacle this week a last minute solution? That would send stocks soaring back up and take the precious metals up too. QE to infinity is rocket fuel for asset price inflation and gold and silver are the classic inflation hedges.
Maybe that is the fundamental backdrop to this piece of technical analysis.
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Gold And Silver Price Charts Both Show Classic Bottoms
Published 10/11/2013, 10:43 AM
Updated 07/09/2023, 06:31 AM
Gold And Silver Price Charts Both Show Classic Bottoms
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