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Is the Precious Metals Correction Over?
Gold’s been kicked down, but not out.
As I noted a
week or so ago, Gold was due for a correction that could take it to $1,250. We
looked like we may well get that target when the precious metal broke into the
gap last week. However, it has since scrambled back over support and is now
clinging to the ledge.
As you can
see, Gold is holding out over $1,325 per ounce. We need to see a break above
resistance at $1,350 before it’s clear this level will hold and we’re due
another leg up. And if we break above $1,375, we’re going to new all-time highs
shortly.
The same
goes for Silver which looks to be on the verge of another breakout to the
upside:
Indeed,
Silver’s bounce has been even more aggressive than Gold. We’re now coming up
against resistance (former support) around $29 per ounce. A break here to the
upside and we’re going to new highs.
Indeed, new
highs seem to be in the cards if you look elsewhere in the commodity space. The
CRB has already blasted to new highs.
The
agricultural commodities space has been even MORE bullish, without even staging
a correction during the pull-back in Gold and Silver.
Traders take
note. The inflation trade is back in full effect. It is overstretched
in some areas, but that state can last quite a while. And we you consider the
idiocy coming our of the Fed (QE 3!?!?!) and the ECB, it’s not surprising.
Until
someone reigns these lunatics in, commodities will be ramping higher, trumping
even stocks’ performance.
Good
Investing!
Graham Summers
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you’ve yet to take steps to prepare your portfolio for the coming inflationary
disaster, our FREE Special Report, The
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YES
Hey cool a triple, i passed through time vortex and became immortal
sweet
It has to be over
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It has to be over
Hammy the wanker and billy the bastard are back on the spam troll parade. There is no better positive oscillating vibrator than those two dicks. (or one not sure)
It has to be over
Hammy the wanker and billy the bastard are back on the spam troll parade. There is no better positive oscillating vibrator than those two dicks. (or one not sure)
Yawn....wake me up if there is a convincing break out to 1385 then a successful retest not necessarily in that order.
James Turk has 1370 and 28.70 as the crucials.
one down one to go.
1365-1370 is the retest level for the rising trend line that's been broken.
While we stay below this 1250 is just as likely as 1500 imho.
+1352!
"Second, all technical analysis of all markets now is faulty if it fails to account for pervasive and surreptitious government intervention."
-- http://www.zerohedge.com/article/tracking-gold-conspiracy-gatas-must-rea...