After being in downtrend for months, the metals continue to set up for a big rally. The price action gets increasingly bullish each day. Interesting to say when the markets have hardly moved, the fact that they have held at these levels and continue to build on support.
There will be moves up and down, we don’t expect straight up. We are looking for a consistent run as Gold, Silver and Platinum work their way out of congestion. Our next targets in Gold are 1800, Silver 27.00, and Platinum 1300. We are looking for higher, but those are the first targets.
Remember, this pattern can change and just because they are bullish now doesn’t mean they can’t turn bearish. Patterns last until they don’t as do trends. Long term we expect metals to be higher and now they are bullish. However, the long term view doesn’t change, while in any given period of time trends can.