The metals proceed to cost larger, with gold in a blow-off sample with parabolic strikes on heavy quantity. Though we now have been bullish for an prolonged interval, the sample itself suggests a pullback is close to. There isn’t any motive to promote right here; nevertheless, we wouldn’t be chasing gold larger with new cash.
Silver, on which we had been bearish till the opposite day, has been using together with gold. Our expectations are for a pullback in silver, which can create a shopping for alternative. One detrimental within the silver sample is it failed to succeed in the Jan. eight panic excessive. Though we now have turned bullish, we’re ready for a assist stage to purchase.
The underside line in each gold and silver is that they should see some profit-taking if that is going to be a long-term bull market. All of the items are in place for the rally to proceed, however the healthiest motion from right here could be a pullback to assist. We’re bullish on gold and silver.
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