For those holding gold and silver, it seems as though these are the best of times. Both are reaching new record highs, with silver finally beginning to play catch-up after years of lagging behind gold. While the concerning financial and geopolitical trends that have been in place for many years seem to have accelerated, we also see reasons for hope.
People are beginning to pay attention to the things that matter. An awakening of how far we’ve strayed from traditional values gives us all an opportunity to course-correct. We’re seeing that begin to happen in our nation and around the Western world. Restoring them will take time, and holding financial and geopolitical insurance for times like these is wise. Precious metals will continue to be a solid anchor in our portfolios while we work through this challenging period in history. And remember, we will always be…
Here for you,
The OWNx Team
Gold and Silver
What Do the Charts Say?
In our last newsletter, we pointed out that the gold chart was forming a consolidation wedge pattern. Typically, those patterns resolve with a sharp break in the direction that the breakout or breakdown occurs. Well, we most certainly have seen that confirmed! Over the past two months, both the gold and silver charts show a three-phase acceleration pattern. Additionally, silver has joined gold in breaking out to new all-time highs. We can now say literally that “we are in uncharted territory.” When this occurs, forecasting chart patterns becomes challenging. There are no previous lines of resistance that we can point to as likely turning points or natural levels for consolidation.
Natural round number resistance points offer some clue. For silver, that is now $50 per ounce, and $4,000 for gold. Therefore, it would not surprise us at all to see both metals take a pause here and consolidate for some time. However, that will largely depend on how global trends unfold over the next two months. Either way, the charts will tell the tale.
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