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Instant analysis: Gold, silver still longer-term bullish

Jim Wyckoff

Kitco News

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(Kitco News) - See on the monthly continuation chart for nearby COMEX gold futures that prices are still in a longer-term uptrend and not too far below the record high of $2,063.00, basis nearby futures, hit in August of 2020. In fact, a bull flag pattern has developed on the monthly gold chart. The longer-term measuring implications for this bull flag suggest an upside price target of around $2,500 in the coming months or a bit longer.

The monthly Comex silver futures chart remains in an overall longer-term bullish technical posture—as long as prices stay above strong longer-term chart support at the $21.00 area. The next upside price objective for the silver bulls is to push prices above longer-term chart resistance at this year’s high of $30.21. A move above this year’s high would open the door to much bigger upside price potential.

By Jim Wyckoff

For Kitco News

Contact jwyckoff@kitco.com
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