Gold and silver has both given a
breakout as expected in my post on 2nd Jan 2014.
I wrote, “If we look at the first chart of gold It
seems that gold will bounce from here. Traders can keep a stop loss of 1180 and
go long on gold. Similarly traders can keep a stop loss of 19 and go long on
silver at cmp of 20.10.”
In the same post I also wrote that, “Although it is too early to take a buy call on them, I think
that both metals are poised to move up sharply.”
If
you have observed the way prices have moved over last two months, you will
realize that my apprehensions about being too early in the call proved
completely correct. The price of gold and silver both moved up and crashed to
retest the previous lows. Gold fell from 1280 to 1240 and silver fell from
20.50 to low of 19.0175. Since then there has been a constant up move in prices
of both gold and silver.
I expect gold and silver both to move up from
these levels. The target for gold should be around 1425 – 1500 and for silver
around 24 – 25 USD an ounce.
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