Gold seems to be bouncing, off of Thursday’s lows and Kitco News speaks with Gary Wagner to find out what the charts are telling him this week. “I am genuinely concerned,” he says. The next level he is closely looking at is $1,265 and warns that if that level does not hold, longer-term technical damage may be in the cards for gold. Wagner also comments on other precious metals that he says have had a ‘life of their own’ in recent trading sessions: silver and palladium. “With the equities markets moving to new highs I’m actually surprised we’re not seeing more support come into the silver market.” Tune in now to hear his in-depth analysis of the gold market.
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4 Comments
Hopefully some clueless gold bug or silver bug takes this warning seriously. Gold and silver will have a massive drop in the coming weeks and months, now is NOT the time to be holding pm's the charts a screaming sell, we have bearish symmetrical triangle forming in gold and decending triangle in silver, plus with recent events, the dollar is a safe haven, a bearish break on these triangles will send prices tumbling, and massive short positions will send prices even lower, I say 10$ silver 800$ gold.
Nice technical analysis, thanks.
Thanks Gary!
Did he completely forget about 1340 last month after dipping to 1240 the previous month?…
The dollar is getting shunned and so the ESF hits gold on shorts to keep the dollar strong. All these charts mean nothing as long as the manipulation stays in play.