Sunday, 2 September 2012

Gold and Silver just started their upward move

 Our bullish view on Gold and Silver is still paying out and is not over yet. This blog has noted many times through my analysis that Gold has started breaking important resistance levels. From the 1560$ level we mentioned that support of 1525$ was very important and since it was not broken, Gold could try and break the upper resistance of the triangle. Now that Gold is at 1690$ our first target has been achieved. But I believe this rise is far from over. Gold has just started his upward move towards 1900$ and why not even further. The internal movements of this rise in Gold will be closely monitored and more updates will be posted here soon.

Silver is right behind Gold. The rise in Silver looks impulsive and resistance ready to be tested. If Gold continues, as we think it will, Silver will also break above 32$. This move has all the necessary support to reach 40$ in the medium term. Silver is breaking a similar sideways triangle as Gold, and the signal we get is very bullish.

Our primary focus is Gold, as I think will move first and faster towards our targets, but Silver should also be taken under consideration as it can prove a very profitable trade as well.

As always risk management and stop levels are very important to be planned ahead. If you need help in trading these commodities don't hesitate to contact me.

Thank you for reading my thoughts.

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