July 26, 2012
Not much to add this morning but I wanted to pass along these charts. It’s not much but it’s a start!
On the previous post, I pointed out that both gold and silver were very close to breaking out of “pennant” formations on their daily charts. With today’s action, they have! Now, again, take this for what it’s worth:
- These are simply formations at the base of the long-term pattern.
- The primary ranges are still intact, namely 27-29 in silver and 1535-1635 in gold.
- However, these initial breakouts are a positive development and may be the initial signal that he next move higher has begun. Watch closely to see if the breakouts can be maintained.