Precious Metals Are Breaking Out; Identifying Upside Price Targets

Both gold and silver have emerged from consolidation patterns with a good turn-up in momentum.  We like both metals here, and the weakness in the DXY is helping.

Today, we review both precious metals (gold and silver) and the Gold Miners ETF (GDX), along with the US Dollar Index.

Gold Futures Chart

Gold is breaking out above its downtrend line and may now be targeting $2124.

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gold futures price breakout higher bullish investment analysis image

Gold Miners (GDX) Chart

The gold miners are testing important breakout price resistance. A move over 30.25 could send GDX above $33.

gdx gold miners etf trading breakout price resistance chart november

Silver Futures Chart

Silver has broken out above its downtrend line and may be headed toward $27 to $28 mark.

silver futures price trading breakout higher bullish buy investing chart november

US Dollar Index Chart

As you can see here, weakness in the US Dollar has been a tailwind for precious metals.

us dollar index weakness chart image

Twitter: @GuyCerundolo

The author or his firm have a position in 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.