Gold and Silver Break Higher
The precious metals had a strong session yesterday, with both Gold and Silver moving higher.
The precious metals had a strong session yesterday, with both Gold and Silver moving higher.
There has clearly been a strong move towards the precious metals in recent times and both GOLD and SILVER are on the verge of really going into breakout mode.
While the mainstream narrative is around inflation, which is clearly true at the moment, there has been a huge shift towards buying physical metal. Highlighting the shortcomings of synthetic products, some of which are clearly even borderline frauds.
This push has seen Gold rally strongly from recent lows of around $1680, to the $1900 level, that we tagged overnight. I am very bullish on Gold and I am expecting to see price push above $2000 in the coming months.
Similarly, Silver has been pushing higher, albeit a little slower. I still feel Silver is the real sleeping giant that has the most upside potential of all.
Yesterday, price reclaimed the all-important $28 level and technically price has been holding the uptrend the entire way. I suspect it is only a matter of time until the breakout above $30 occurs and that will bring in more demand and price could very well squeeze much higher.
The other interesting thing to watch at the moment is the USD which appears to be on the verge of falling. Of course, metals are priced in USD and a weak USD is bullish for Gold and Silver.
On the US Dollar Index price is sitting right on the lows and we could very well see a dump and subsequent push higher in the metals as well.
Overall, things are looking very bullish for the metals market at the moment.
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