Gold and silver look like headed decrease, and there doesn’t look like something that will gradual the metals from one other pattern reversal. All of the wishing and praying gained’t make them rally to final week’s highs.
The highs made final Tuesday evening have been made on a transfer that was primarily based on panic, which is by no means the start of a transfer. Usually, blow-off tops or bottoms are the top of a transfer, not the start. Final Tuesday’s transfer appeared like the top, which means gold might be headed again to $1,500 and silver to $17.50, primarily based on the futures markets.
Based mostly on our algorithm, we’re nonetheless lengthy; nevertheless, we’re very near altering to the brief facet, primarily based on Monday’s shut. If the metals shut decrease immediately, we’ll reverse and get brief, which the charts and the patterns are indicating. The subsequent transfer of dimension ought to be decrease.
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