Tuesday, July 13, 2021

Gold and Silver Charts

 

On the weekly gold chart the uptrend in still very much intact despite gold being down from its August 2020 high. The white arrow depicts support at the green line of the pitchfork and I would be surprised if that did not hold. The green arrow depicts my price target at about $2100. The light blue arrow shows the orange extension line of the pitchfork> Gold could get all the way down to about $1600 and the uptrend would still be intact. The orange circular arrow on the MACD is my last purchase when the tan line of the MACD turned up. This position is nominally in the money. I am holding with this small position until such time as the MACD lines turn up and my numeric values (conditions being true) increase.



Similar technicals are show on the weekly silver chart. The green arrow shows my price target at approximately $37.50. The light blue arrow denotes support at $22.50 with silver being able to fall all the way back to this area and the uptrend would still be intact. The orange circular arrow is my last purchase when the tan line of the MACD turned up. This position is slightly out of the money. As with gold I will not be adding to this position until such time as the MACD lines turn up and my numeric values increase.

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