A major gold and silver update was just released showing gold is on the way to $1,600 but look at where the price of silver is headed.
Gold Sees Little Hold Up
September 23 (King World News) – Top Citi analyst Tom Fitzpatrick: The most consistent moves in FX markets this year have been in “hard currencies.”
Metals Outperforming All Global Currencies
Gold may be the largest market but these trends extend beyond. Silver, Platinum, and Palladium have all outperformed every other currency…
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Having consolidated for a few weeks, the latest signs strongly suggest the uptrends in these precious metals are resuming.
The next legs up should soon see:
Gold at $1,564, en route to $1,600
Silver back to $19.64 and then $21.13 over time
Platinum to $1,000
In addition we see the risk of higher volatility ahead. These warning signs for global financial markets should not go unnoticed as we approach October, often a very sensitive month. (See below).
Gold Setting Up For Another Rally
Having held the channel base we are forming a double bottom at $1,485 with neckline at$1,524.
A rally through there would confirm a short term bullish break that would suggest a test of $1,564 i.e. new trend highs.
We also continue to expect a test of the $1,600 area.
Gold Volatility On The Rise Again
Posted a bullish outside month in August.
We are positive again this month as a result of this morning’s rally.
Resistance is seen just above 20% followed by 23.36%-23.41% and then above 25%.
Silver Resuming Its Uptrend
Silver effectively retested and held the $17.31-35 supports and has started to turn back up.
The move down over the past couple of weeks thus looks corrective with the uptrend likely resuming now.
A move back to $19.64 seems likely with a more medium term target coming in at $21.13. That higher level is a major one from a longer term perspective (double bottom neckline).
Don’t Miss This!
KWN has now released an extremely powerful audio interview with Alasdair Macleod where he discusses how the global chaos will accelerate and why a worldwide depression may loom as well as what people need to do in order to protect themselves from the coming turmoil, which he believes will devastate most investors. You can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
Greyerz – Gold & Silver Set To Explode
READ THIS NEXT! Greyerz – BUCKLE UP: We Have Just Entered The Explosive Phase In Gold & Silver CLICK HERE TO READ
More articles to follow…
In the meantime, other important releases…
What To Expect For Gold & Oil, Plus A Dramatic Week for Key Markets CLICK HERE TO READ
Alasdair Macleod – The World Is On The Cusp Of A Global Currency Crisis CLICK HERE TO READ
Macleod – Global Depression May Loom As The World’s Banking System Is Seizing Up Like It Did In 2008 CLICK HERE TO READ
“No Matter What They Call It, QE Is Back,” Plus A Look At Gold & Oil CLICK HERE TO READ
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