Today one analyst revised gold target levels higher, and the silver market may surprise.
October 22 (King World News) – Graddhy out of Sweden: “Thinking now when the beginning of the USD/DXY (US Dollar Index) drop towards my first target of 80 is only weeks away, it is starting to limit how deep gold can go for its ICL (Intermediate Cycle Low). Have therefore drawn new pink lines. The revised thin zone is dead below (see below).
Possible Gold Pullback Zone Revised Higher Based On Anticipated Dollar Decline
As said, silver broke the upper trend line, and this looks like a backtest and a rounded bottom. But, the more important thing is what gold does, so this BO (Break Out) for silver can maybe be a bull trap/FBO (Fake Break Out). And SILJ got rejected upwards while silver broke out. Watching gold. (See below).
Possible Fake Break Out In Silver
Regardless, Silver Headed Much Higher Over Time
Precious Metals Bull
This is precious metals…
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A precious metals bull normally does everything it can to throw off as many as possible at every pullback and correction. And when even goldbugs are starting to give up, it takes off again.”
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James Turk’s powerful audio interview has now been released where he discusses exactly what to look for in the gold and silver markets, mining shares, the coming crisis, the U.S. launching QE4 and much more, and you can listen to it immediately by clicking here or on the image below.
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