Gold and Silver have broken out of their consolidation patterns and are running higher. This could be just the birth of the next big move up. The price action has been bullish; Monday’s big move up especially in Silver indicates there is room to run higher.
Both metals are seeing some follow through this morning moving higher towards our next target. We are looking for 1900 June Gold and 29.00 July Silver. We expect much higher but will only quote one level at a time. There is no point to making a ridiculous call higher because these markets move one level at a time.
If you look at the chart of Gold or Silver, they are walking up the stairs which is the most bullish pattern you can ask for. The only question left to answer is how many stories there are in this building? This move could turn into a skyscraper – we never know how far a move will go.
We remain long Gold and Silver in both our trading and investing accounts adding physical Platinum on the investing side.