Gold prices moved up as expected. In
my post on 14th
July 20013 I have
mentioned that Gold will face resistance at 1341 levels. which is 23.6%
retracement and has been consolidating at this level since last 3 weeks. Gold is now poised for the next up leg and
should break 1341 level and move towards 1420 USD in next two weeks.
Silver has already broken out of the downward
sloping channel and should move towards 22.50 and 24.50 levels. I think the
upmove in silver will be more violent compared to gold.
Lastly crude oil has broken out the
consolidation pattern it was in since April 2011. I have not expected an upside
breakout of this triangle. If crude oil persist above 95 levels than we will
see sharp up move in prices. Although my gut feeling is that the breakout is a
whipsaw and crude prices should fall below 100 USD before year ends given that
there are no unfavorable geo-developments.
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