Elite Swing Trades

[SwingKing]

Gold/Silver


I've said many times gold was at the bottom of a multiyear decline and that we'd soon see a prolonged ,several year, rise in prices. I'm sticking to that call but I have to say that this has been an ugly bottom and IMO we're not out of the woods yet. That doesn't mean we should have a portion of our portfolio in metals because those that stay the course will be rewarded, of that i'm a firm believer.

So let's talk numbers.

As long as GC holds 1226 I see 1350 as the likely 1st target high.

As long as SI holds 15.60 I see 17.00 as the likely 1st target high.

Now while I do think we've seen the bottom in both metals it's important to mention the what if's as in what if we see a pullback before continuing higher. I'm not saying this is going to happen and I'm not even considering it unless we break the support numbers I've mentioned above.

However if gold does break that 1226 number I see three scenarios in which we could see anywhere between 1200 and 1175. As bad as that might sound that would be the time to load because it would cement the current bullish pattern and should provide for a quicker ride up to that 1350 figure. So as you can see even if we get that drop it would be a blessing in disguise for those prepared to make the play.

Silver is even easier to call as the chart is showing strong support in the 15.25 area so even if it breaks 15.60 the downside should be minimal and it would take a very strong move through that 15.25 area to even consider it in a bearish posture. As with gold if it does test those lower areas we should expect a very quick move higher up into the 16.50-17.00 range. So again those prepared to make the play should be able to pad any profits already made coming off the bottom.

Now this of course is all just my opinion and is only short term forecasting. I'm certain, in my own mind, that metals have bottom and all one needs to do is buy and hold to come out a winner on the other side. So like you I also have interest in gold and silver and will eventually add individual miners to my metal portofolio.

I hope this is helpful and provides a clear picture without a bunch of charts and drawings to cloud to point.