New Swing High In Gold In Early Trading. Looking For A Breakout In Silver To Follow by technicaltrader

trading · @technicaltrader · Oct 23 '18

New Swing High In Gold In Early Trading. Looking For A Breakout In Silver To Follow

![](https://cdn.steemitimages.com/DQmdeEt2BgMo6KM72anjr5rsjoKkhcF3eCa6CgJrfFeJ2FL/image.png)

After breaking from it's downtrend on the 11th of this month, Gold has consolidated but now looks to be pushing higher in early trading. I think the intial stage of this move can take price to ~1,360 - 1,400. If it can push beyond there, we could be looking at significant upside. I discuss that [here](https://steemit.com/gold/@technicaltrader/gold-rally-underway-how-far-can-it-go).

As for Silver, it may now confirm the inverse head and shoulder pattern that has been developing for some time. I discussed that pattern [here](https://steemit.com/trading/@technicaltrader/silver-closing-in-on-neckline-breakout) but the target price IF a breakout confirms is ~15.90 but I'm looking for price to move beyond there given the commercial positioning and other factors that I have discussed previously.

![](https://cdn.steemitimages.com/DQmdzKuicBxaBAxSm8rEMHQqSVcnc69HxnDcNN146XS1D6e/image.png)

Wait for confirmation of the break as always and keep an eye on the gold miners. Any move below the right shoulder would negate the bullish pattern and suggest further downside in the precious metals.

👍 rollandthomas

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voter	weight	wgt%	rshares	pct	time
rollandthomas	0 B		3,488,002,595	100%