Gold Forecast – Precious Metals Nearing Breakout TerritoryPrecious metals are moving higher, and sustained follow-through into today’s close would be bullish.
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.
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