Gold and silver will be much discussed and dissected this week. Be prepared for all the usual suspects to be trotted out with their dire predictions of "bubbles" and other such nonsense. In reality, gold is only now breaking out of a six-month consolidation range. Its chart looks nothing like corn or wheat or soybeans or crude or copper or cattle or....I could obviously go on and on. That gold is only now beginning to play "catch up" will be lost on all the topcalling trolls and chartreaders. Ignore them. Here's a daily chart that shows the old range as well as the breakout.
In the very short term, gold has struggled some with moving away from the 1476-77 area. No big deal, really, and certainly not something with which you should be concerned. You can see on the 5-minute chart that there's pretty consistent buying with every little dip. I hope to awaken tomorrow to gold somewhere above 1480.
Regarding silver, what can I say? The march higher is simply relentless. Agonizingly painful for the Big Shorts and any other smartypant tagalong unbelievers hoping to make a quick buck. Look at this daily chart:
I'll be here, ready and raring to go tomorrow morning. Buckle up! The next five days are going to be crazy. TF
8:15 EDT UPDATE:
Here's a re-post of a chart from Friday. There should be support for gold between 1464 and 1467. Should be. We'll see. I'll have a new post in about an hour or so and we'll certainly know more by then.