Gold & Silver - where now?

[peterpr]

Following the recent dramatic corrections to the current Gold and silver bull runs, here is another perceptive analysis of how we got here and where both markets are headed next.

It contains solid (Charts and mainly MACD & RSI based) TA on the past three years, so not possible to summarise here - But I recommend it to anyone with a trading or investing interest in the precious metals.

http://www.gold-eagle.com/editorials_04/steer121704.html

 

[gene]

No chart pattern is 100% reliable, but the cup and handle is supposed to be a pretty good one. The monthly gold chart shows a perfect "text book" example of a C&H.

The market broke up from the handle, and now it has come down to test support at the top of the handle. The daily chart has what looks like a bear flag, but don't bear flags, by definition, ocurr durig a down trend? One or two days down do not constitute a trend. Anyway, there wasn't a second day confirmation of the break to the downside.

 

[gene]

I want to buy silver, but I'm concerned abou the US Dollar. Will it go any (much) lower? Is it set up for a rally soon? A minor correction? Will it trade relatively sideways for a while?

Gold and silver trade inverse to the dollar, almost like a mirror...almost. This makes me shy away from the thought of buying silver, but that "almost" keeps me interested. There have been times when that "inverse" rule have briefly been broken, especially with silver. That and the recent exagerated moves in silver is why I'm preferring silver over gold.)

Your question stands: "Where now?"

NOW I'm confused.

 

[roberk]

I am long Gold. Target 444, in about 10 days