5/9/19:  Gold (GLD) Update


Targeting Silver (SLV) to $11/oz.


We’ll let the chart speak for itself.


The attached link is a presentation on “why” silver will move higher; the arguments are all fundamental(s) with no charts on what silver is actually doing.


At this point SLV has broken lower out of a wedge, tested that breakout and is now moving (albeit drifting) lower.


It’s interesting that both the Fibonacci projection taken from the April, 2011 highs, and the measured move out of the wedge coincide.


Silver at $11/oz. is lower than (projected) production costs of First Majestic Silver (AG) for 2020.  What’s going to happen to its stock price if/when silver reaches that level?



Gold Update







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Pre-Market Gold


GLD is trading higher in the pre-market session and validating the spring set‑up.  Currently, we’re at 120.79 (+0.35%) which puts GLD above the highs of the past three sessions.


Price action still remains below the 121-resistance area.  However, we may be at the point to expect a rally above this resistance and potentially move sharply higher.


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Gold Higher?


Gold (GLD) has penetrated support and stopped dead. 


We’re at the danger point


There's also a wedge pattern as shown.  If this pattern is in-effect (viable) and GLD rallies from here, the measured move is in the vicinity of 130; or approximately $1,375 in the spot market.


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