GOLD TRADE ALERT (2:45 pm EDT)
There are several short-term technical signals appearing now in the precious metal charts that are suggesting an imminent turn up in gold and silver prices. As I've been stating in recent blogs, silver's medium-term cycle bottom is now due (overdue), and this week prices are making new lows into the center of the current reversal zone. Gold prices are also falling into a subcycle correction in this reversal zone. Both metals are now in good target ranges for these corrective bottoms; however, the current reversal zone extends into next Thursday so it is possible they could fall lower. I am going to enter a long position in gold today with a stop loss on a close below $1,300. Let's hold off purchasing silver until tomorrow or early next week as silver is more volatile than gold and could dip significantly lower over the next several days. Going long in gold today.
There are several short-term technical signals appearing now in the precious metal charts that are suggesting an imminent turn up in gold and silver prices. As I've been stating in recent blogs, silver's medium-term cycle bottom is now due (overdue), and this week prices are making new lows into the center of the current reversal zone. Gold prices are also falling into a subcycle correction in this reversal zone. Both metals are now in good target ranges for these corrective bottoms; however, the current reversal zone extends into next Thursday so it is possible they could fall lower. I am going to enter a long position in gold today with a stop loss on a close below $1,300. Let's hold off purchasing silver until tomorrow or early next week as silver is more volatile than gold and could dip significantly lower over the next several days. Going long in gold today.
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