Are Gold and Silver Loading Up For The Coming Week?
Are Gold and Silver Loading Up For The Coming Week? by Rory for The Daily Coin
It appears this chart is about right. Gold and silver are breaking out here close to the end of the day and the end of the week. A weekly close above $1,500 for gold and $18.00 for silver is significant. If gold holds on and closes above $1,510 – something like $1,512-$1,513 it will be game on come next week. Silver will come along for the ride. If this in fact does happen look for silver to catch a rocket and head for a weekly close staring at or above $19 this time next week. Remember we have been calling for all this for some time and now that we are coming into the last 33 trading days – give or take – for year end, so, it’s time to see some movement to the upside. Of those 33 days only about 18 of them will the traders be able to make any real cabbage, after that they will move into sell mode for absolute year end.
Look for a major beat down for gold between Christmas and New Year – hedge funds dumping paper gold to cover losses in other areas of their portfolio. This is not a given, but has been a pattern over the past several years. They will sell gold to show a loss to ensure their year end bonuses are not hampered. As soon as everyone returns from holiday on January 6, 2020 we should see significant movement to the upside. Look for both gold and silver to rush out of the gate and never look back. Keep in mind we do not want to see the charts moving in a straight line upward or downward, but that steady movement to the upside that is sustainable – just as we have seen for most of 2019. Just to be clear – simply because I say what I have said don’t take that as I’m calling for a “moon shot” in January – I’M NOT.
The metals are looking really strong in the face of some these severe beating they have taken over the past 2-3 weeks and if they hold their ground today – WOW! Katie-bar-the-door.
Here’s some additional support for what I’m saying and for what the charts above are currently showing.
GOLD APPEARS TO BE BREAKING OUT AUTHOR KEVIN WADSWORTH for Gold Broker
Gold appears to be breaking out. Silver looks ready for its next big move. Dollar resuming its drop. I need to see gold close this week a few Dollars above the wedge to be sure (maybe $1510 or higher).
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