In the middle of May, I questioned if the Head & Shoulders pattern, that was detected in April was still intact. Most of you agreed that there was enough evidence to drop that bearish idea, moreover, the new Bull Flag pattern was spotted on the weekly master chart.
Besides that, one of the readers kindly enriched our view, noticing another bullish Cup & Handel pattern that supported the upside expectation.
Last Friday, the gold took off its upside journey as the Bull Flag was breached to the North as price finally moved beyond the $1300 handle and overcame the minor top established on the 14th of May. The targets were set before, let’s hope for the best!
But what about silver? Last time I wrote about it in January using experimental clones from history. This metal had an ugly chart structure as gold had a clearer one. But no matter how the market tries to confuse us sooner or later we will see the end anyway. Again silver has been a laggard behind gold, and the latter gives us a clue as it broke up the resistance.
Let’s see, in the chart below if we can find gold’s shining in the silver market. Continue reading "Gold Takes Off, Silver To Follow?"