Wednesday, August 17, 2011

Gold / Silver up before Sept?

Gold is still holding onto the massive gain over the last few weeks / months.  It has run up from a low of $1478 on July 1st to the recent high of $1814 last week.
Trading above the 100 day moving average since last January. Very bullish chart formation with the short term moving average above the 50 and the 50 above the 100.

Silver is edging it's way up and taking a back seat to the Gold run up over the past few weeks.  (Silver lead Gold from Feb to April).  Silver is trading above the $40 level and is also above the 15 dma which is bullish for the metal.  With the seasonal trend up for the precious metals in September, the $40 level can be a solid support level now.  $30 Silver may be a thing of the past.......  Everyone had their chance to pick up Silver in the low $30 range over the last few months.

Look for the Gold Silver ratio to drop toward the end of the year.

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