For now, it looks like the bulls may have caught their breath after last week's sucker punch and they just may have the ability to get silver back on track. |
Gold's $40 range between $540 and $580 may be tough to break anytime soon. The range is just wide enough to put the market in oversold territory at the bottom and overbought at the top. |
It's looking more and more like the end of the year is going to be a good time for the precious metals complex. |
May copper seems to have its sights set on the $3 mark. |
Silver seems to have already entered a period of consolidation, which could lead to silver breaking out to new highs as gold continues to trade within its recent range. |
Silver, which got butchered because the slope of the daily chart began resembling the angle of a shuttle launch, seems to have found support as it approached the April lows. |
The market is now in a highly overbought condition, which would lead me to believe that some short-term weakness may ensue. |
The markets are trying to move off their highly overbought condition. This dip is an excellent opportunity for those who are looking to get long the market. |
There's a lot of upside left in the entire metals complex. |
There's probably a 50-50 chance that we've entered a consolidation range, similar to what we saw in the September/October period, where gold will trade on either side of $550. |
With the dollar weakness, we may have seen a great buying opportunity develop in recent sessions. |