As we near the end of the trading week with the metals rallying once again, this will trigger $30 silver and $2,100 gold.
December 17 (King World News) – Top Citi analyst, Tom Fitzpatrick: The picture for both Silver and Gold has turned very constructive this week suggesting that material gains can be seen in the weeks ahead.
Silver:
* Came down to test the same support area as held in the falls in Sept. and Nov. 2020 and bounced.
* Setting up for a potential double bottom off this support area just like that seen in 2020.
* Will post a bullish outside week off that support area if it closes today over $22.61.
* That would suggest a re-test of the 55-week MA and double bottom neckline at $25.17-$25.43.
* A weekly closed above here, if seen, would open up the way for gains towards $29-$30 again.
Break Above $25.50 Will Send Silver Toward $30
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Gold:
* Will post a bullish outside week today if it closes over $1,793 suggesting a re-test of the recent high at $1,877.
* A break above here would extend the potential towards pivotal resistance at $1,917.
* A weekly close above here, if seen, would complete a double bottom and suggest the potential for a move to new all-time highs around $2,100.
Weekly Close Above $1,920 Will Send Gold To $2,100
I find these developments this week interesting as Gold has tended to trade like a risk asset. However, this week as Equities and Crypto have been falling Gold and Silver have bounced sharply.
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