Sunday, 9 September 2012

GOLD and SILVER update

 Gold has almost reached our July target of 1750$. Using elliott waves, this could continue towards 1900$ if support is not broken. Short term support levels are 1690$ and 1650$. Longer term trend support is found at 1600$. Our view is bullish with new highs as targets.
Silver followed gold's rally and made a decisive break of its 32$ resistance. Since it very closely related to movements in gold, our view here could not be much different. Bullish view with longer term targets near the 40-42$ area at least if not a new high. Support is found just below 32$. Our bullish view will be endangered if silver moves below 28$. 

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