Last time I posted an analysis for gold and silver I said that I was bullish looking for higher levels. I’ve been bullish gold since early July when prices entered the $1220-1200 price range. I was expecting a bounce at least towards $1,260 while there are also many chances for a move much higher. Gold price was forming a wedge pattern and I timely noted when it was broken and a bullish signal was given.
Below you can find the charts I’m looking at where I see $1,260 as the first pause to this upward move.
I remain long gold and silver futures, and long some miners and SPDR S&P Metals & Mining (NYSE:XME).
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