Friday metals wrap, 6/27/2014

Quick update -

I'm bullish, but the two gold price points I mentioned in my last post, which I'd like to see cleared before opening a substantial long position, continue to serve as stubborn resistance: namely the monthly downtrend line above (blue), and the 300-day MA below (black)

I'd still bet on $1390 (and at least $1335) for gold and $22 for silver before this rally is over, based on charts below the fold. A move down to $1290 in gold would be a good entry point too, IMO.

No comments: