Gold and Silver -- Putting the Metal to the Pedal!
"Feets don't fail me now!" That seems to be the cry from many traders as they flee precious metals. But as I've shown you, gold has come down to serious support at the 50% retracement of its big bull run. Silver has done the same. Until that breaks, and the longer-term uptrends break, I'm still bullish.
Let's look at those charts now. We'll start with silver...
And then there's gold ...
Meanwhile, the talking heads on CNBC are saying that gold is going back to 550 or even 500 before it bounces. I wish that were true -- I'd back up the truck and buy all the physical gold I could lay my hands on -- but I don't think so. Indian jewelry makers are already stepping up to the plate, buying with both hands. This isn't science, nor do I have a crystal ball. But as with crude, I'd look for the next rally to start by the end of this week.
Let's look at those charts now. We'll start with silver...
And then there's gold ...
Meanwhile, the talking heads on CNBC are saying that gold is going back to 550 or even 500 before it bounces. I wish that were true -- I'd back up the truck and buy all the physical gold I could lay my hands on -- but I don't think so. Indian jewelry makers are already stepping up to the plate, buying with both hands. This isn't science, nor do I have a crystal ball. But as with crude, I'd look for the next rally to start by the end of this week.
Check out my new gold and energy blog at MoneyAndMarkets.com
posted by Sean Brodrick @ 6:39 AM
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