Gold has reversed higher and it appears that the bullish trading setup we highlighted last week is playing out.
$1870 and $1850 are now important price support for Gold futures. Bulls should be on the lookout for follow-through buying that drives Gold higher. While we may pullback some here, it would be good to see a strong follow-through day in the next week.
My initial upside price target for Gold is $2005, where I think we will see a “pause” and/or some selling. The next price target is a MOB band target near $2180.
I will be putting out a brief research note on Silver futures later today, along with an annotated price chart with upside targets. I am bullish precious metals stocks here and believe select stocks can see upside in the 20% to 40% range. We are filtering this sector for buy setups to send to our clients.
The author has a position in the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.