This chart should have you on the edge of your seat!
The next move for #gold and #silver has been building up for over 12 years.
Get your popcorn ready!
#Gold and #Silver breakout VERY CLOSE now...
observations:
12 year breakout line
MASSIVE volume defined support
weakness, but price still above 7 year moving average
breakout above 7 year moving average
Sprott Physical #Gold & #Silver Trust
Key notes:
1) Still ranging below CRITICAL breakout lines
2) But above 4 year moving average, cloud support and massive volume defined base
3) There is NO fear of missing out right now
4) The eventual breakout will be powerful
#fintwit
I own a long term position in CEF of 10% which I plan to add to. Looking for CEF to pullback in a possible scenario where equities sell off hard over the next month and a new high in the VIX. If CEF sells off along with equities in that scenario, that will be an extremely bullish setup for CEF and I plan to at least double my CEF position.
Lining up current...
To me it looks like the precious metals may have some more work to do to the down side in the medium term (12/18 months?)
The overall trend is still up (blue line)
Go long on a breakouf of Friday's high, stop at Friday's low minus 1 tick.
If we break above 13.73, we could see long term uptrend continuation.
CEF is a good addition to your portfolio, you can read more about it here: www.centralfund.com
It's a closed-end fund, which offers a good alternative for low-cost investment ownership of gold and silver bullion.
CEF is...
We're already long here with a very tight stop. I'm looking to add next week if we make a new weekly high, there's a considerable chance that this stock launches into a strong thrust to the upside from here, so try to take a small position initially at least.
Good luck!
Ivan Labrie.
PM bull market is strengthening. Head and shoulders breakout. Cup and handle formation. Short term getting a little too exciting. Probably short to intermediate term pullback.
