Gold/Silver: Three levels I'm watching to signal a bottom
Precious Metals corrected sharply this week, with the Bank of England unexpectedly raising interest rates 50 bps, leaving investors uneasy about the Fed's next move. With the July FOMC meeting 33 days away, the CME FedWatch tool pegs the probability of a rate hike at 77%. Fed Chairman Jerome Powell was quoted recently saying,"he believes there is a path to a soft landing and sees the need for more interest rate hikes and does not see rate cuts anytime soon.
You will want to watch the psychological $2000 level and ultimately $2008 as your breakout level. Any close over $2008 should trigger a short-covering rally up to all-time highs and eventually extend up to our long-term target of $2500/oz. To further help you develop a trading plan, I went back through two decades of my trading strategies to create a Free New"5-Step Technical Analysis Guide to Gold that can easily apply to Silver." The guide will provide you with all the Technical analysis steps to create an actionable plan used as a foundation for entering and exiting the market. You can request yours here: 5-Step Technical Analysis Guide to Gold.
While a price setback would be temporary, our long-term thesis remains that tightness in the physical markets, a decline in mining supply, and solar and E.V. demand should offset any potential for prices to decline further. Over the next 18-24 months, we expect Copper to make new all-time highs and Silver to break $35/oz.
Having the flexibility to enter and exit the market quickly makes it essential for Precious Metals investors to have a futures trading account alongside their core Physical Precious Metals holdings.
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