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Gold Remains in a Tight Trading Range
Gold remains in a tight trading range and we will have to wait for things to sort themselves out when gold either closes above $1640 or below $1550, because the back and forth movements in the $1550-$1640 range are just noise. The odds continue to be in favor that the next $100 move in gold price will be to the upside.
Buyers are emerging every time gold is taken down below $1600. Is there still one more takedown in store for gold at this time? We will find out soon enough.
It’s typical for silver to peak with a vertical upward thrust, followed by a steep drop off and then a gradual base-building process. The recent price basing action is consistent with the idea that silver is in the process of bottoming. A break out could be imminent.
Please watch the following video, The Currency Wars: CIA Advisor James Rickards Warn Americans of Coming Currency War:
Similar Posts:
- What Lies Ahead for Gold & Silver?
- This is NOT the time to throw in the towel. It is the time to buy more gold and silver.
- Let’s See if Gold Can Top $1,650
2012-08-07 12:40:19
Source: http://blog.milesfranklin.com/gold-remains-in-a-tight-trading-range
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