Gold and silver rip higher, but will Powell spoil the party?
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Last week I commented that the weight of evidence suggested at least a short term low was in for the metals. I also suggested that gold was preparing to break out from the pennant formation.
That chart is updated below;
Silver’s run back up to the top of the range also looks to be underway.
Congrats if you pulled the trigger last week, under whipsaw conditions. The reward should be a profit going into the FOMC meeting today. Bulls should brace for volatility, but barring an intraday reversal, the game will be to hold on for the next gold target around $1965 and that all too familiar $24.20 level for spot silver.
Thanks and good luck.