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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).
Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that June be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.
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