The Gold IRA Company

Investing: Gold, Silver Ready for Another Rally Attempt

Article by Chris Vermeulen in Investing

After nearly three weeks of sideways/downward price action in gold and silver, our researchers believe both metals have already set up another breakout/rally attempt after breaching downward resistance.

This could be another huge opportunity for precious metals traders as the next move higher should prompt a rally above recent highs. That means a target price level in Gold above $2100 and a target price level in Silver above $30.50.

GOLD DAILY CHART

We expect Gold to rally to levels near $1995, then stall a bit before breaking clear of the $2085 level and pushing well above the $2150 as a new rally phase begins. At this point, we believe the upside move to break the resistance channel is key to starting this upside price recovery.

SILVER DAILY CHART

The setup in Silver is very similar and, in many ways, a bit clearer on the chart. The CYAN downward sloping price channel is very clear.

Price is very close to breaking above this channel. We believe the next move in Silver is a rally to levels near $28, then stalling briefly before the next “appreciation” phase begins pushing Silver above $31.50.

Remember, what we are calling the “appreciation phase” is really a much longer …

To read this article in Investing in its entirety, click here.

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Although the information in this commentary has been obtained from sources believed to be reliable, The Gold IRA Company does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice. The Gold IRA Company will not be liable for any errors or omissions in this information nor for the availability of this information. All content provided on this blog is for informational purposes only and should not be used to make buy or sell decisions for any type of precious metals.