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AG Thorson

The price action over the next few hours will be telling. If institutional traders push prices back lower, like they did yesterday, then we remain stuck in a grind. However, if prices continue to accelerate throughout the day and into the close, then the odds for a new and robust up leg in metals and miners would be high.

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GOLD FUTURES DAILY: Gold (currently $1868.40) is within striking distance of the $1875 resistance zone. A strong close above $1875 would be near-term bullish. However, a new up leg wouldn’t be confirmed until prices closed above the $1965 level.

SILVER FUTURES DAILY: Silver (currently $27.53) prices are on the move, and a strong close above $28.00 would support a bullish breakout and new up leg.

Overall, we are very bullish on precious metals long-term and have a minimum $8500 target for gold by 2028.

AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle. He posts daily updates to Premium Members. For more information, please visit here.

For a look at all of today’s economic events, check out our economic calendar.

 

 

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