Here is a very important update as the price of gold surges above $5,200 and silver hits $87!
February 23 (King World News) – Jesse Colombo: Since the precious metals correction in late January, I’ve been consistent in my belief that the bull market remains firmly intact and that this has simply been a temporary pullback on the way to further gains. I have also noted that precious metals and miners needed some time to cool off and digest the strong advances from December and January, which made a period of consolidation both reasonable and healthy.
Now, as of today [KING WORLD NEWS NOTE: This report was published on Friday] I am seeing signs that this consolidation phase may be coming to an end and that the rally is ready to continue, as I will show in this analysis.
As usual, we’ll start with gold, which leads the overall precious metals complex. As the chart below shows, gold remains in a strong uptrend, as indicated by its upward-sloping 200-day moving average.
Gold continues to rebound nicely from the oversold levels it reached at the beginning of February following the sharp selloff, as I expected.
To learn more about this type of analysis, I recommend reviewing my two tutorials. The first explains how to identify and trade with the trend, and the second covers when to buy dips and sell rips.
Interestingly, the sharp correction and subsequent consolidation in gold over the past month formed a triangle pattern, and today [Friday] gold broke out of that triangle to the upside. This breakout increases the probability of further bullish action, and my suspicion is that gold will attempt to rally to its prior peak of $5,600 fairly quickly.
Silver also remains in a strong uptrend, as indicated by its upward-sloping 200-day moving average, and it continues to rebound from its oversold levels hit in early February.
Today’s nearly 8% surge pushed silver firmly above its $70 to $80 support zone, which is a very positive development.
To learn more about support and resistance zones, I recommend reading my two-part tutorial (Part 1, Part 2), which explains how they work and how to identify them.
As with gold, silver’s consolidation over the past few weeks formed a triangle pattern, and silver broke out of that pattern today, increasing the odds of a rally from here. After today’s breakout, I wouldn’t be surprised to see silver rally back up to its prior high around $120 fairly quickly.
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