Not really too much to say about the price action of Gold over the last ~2 months.
Gold is trading above the 3 moving averages, short 15day, medium 50day and long 100day. With September around the corner, Gold should continue to appreciate. Out of any month in the calendar year, September has the highest percentage return over the last 30 years.
Professional traders know the seasonals for the Gold market and will be accumulating positions. Hedge funds will also jump in and push the price higher,,,,,,,,,,,,,,,,,,,,,,,,,,,,,until the RSI is overbought and a short selloff occurs. But they will be back in again once it bottoms out.
Silver is generally drifting higher and is above the 15dma. The 50dma is close to a crossover of the 100dma which should present a bullish setup going into September. Support should soon be at $40 an ounce and with the seasonal trend up next month, Silver should see a run toward the $50 level before the end of the year.
Gold and Silver miners should start producing new yearly highs as both Gold and Silver appreciates going into the 4th quarter. Keep your eye on the HUI index breaking out and over the 609 level.
Professional traders know the seasonals for the Gold market and will be accumulating positions. Hedge funds will also jump in and push the price higher,,,,,,,,,,,,,,,,,,,,,,,,,,,,,until the RSI is overbought and a short selloff occurs. But they will be back in again once it bottoms out.
3 month daily chart of Silver
Silver is generally drifting higher and is above the 15dma. The 50dma is close to a crossover of the 100dma which should present a bullish setup going into September. Support should soon be at $40 an ounce and with the seasonal trend up next month, Silver should see a run toward the $50 level before the end of the year.
Gold and Silver miners should start producing new yearly highs as both Gold and Silver appreciates going into the 4th quarter. Keep your eye on the HUI index breaking out and over the 609 level.
No comments:
Post a Comment