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GOLD Technical Analysis
There is an increasing risk that Gold will bottom around 2000. This is by no means certain, but all the momentum indicators are pointing up. Both MACDs have crossed the zero line to the upside.
On the contrary, the banks remain heavily short Gold and sentiment is extreme bullish. But sentiment can remain extreme bullish, especially in a wave 3 move higher.
The alternative remains the same: a break of 2000 and the prior low of 1988 to 1962-1923, worst-case 1900. Until 2000 is broken, the risk is higher from here.
SILVER Technical Analysis
The case for Silver having bottomed is even stronger than that in Gold. Silver may have already seen its low at 22, the minimum target for the bottom in wave C/ii. I am buying Silver and miners below 23. The alternative scenario is that Silver breaks 22 and we fall to somewhere between 21.50-20.
But, as with Gold, all the momentum indicators have turned up, with the MACD Histogram now above zero. From a positioning perspective, the Banks are basically neutral, which is bullish. The Funds were actually short last week, another bullish sign. The only drawback is the extreme bullish sentiment in Silver, but as I said earlier, this can happen in a wave 3 of a nascent bull market.
For those focusing on the next few months or years, I believe this is a great opportunity to buy at least some “physical” Gold or Silver here. Premiums are low too. You can always add more if the metals do fall further. But you risk kicking yourself later if you don’t buy “some” now, imho. Confirmation that the bottom is in and we’re off to the races is a close above 2100 in Gold and 23.72 in Silver. Targets on the upside next are a “minimum” of 2200 and 28. The risk-reward is heavily skewed to the upside from here. Get some!
Don’t miss a golden opportunity.
Now that you’ve gained a deeper understanding about gold, it’s time to browse our selection of gold bars, coins, or exclusive Sprott Gold wafers.
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