On September 19th I predicted on my Facebook page that Gold prices were set for an imminent sell-off. The bearish double top pattern on the daily chart of Gold and the fact that Gold prices were over-extended on the weekly charts were warning signals that the yellow metal had some selling off to do.
Silver was a more interesting ride. A week ago I was prepared to trade Silver long or short, depending on whichever direction it decided to breakout. A short signal fired off just before September 22nd. It seems I was quite conservative about my expectations for Silver. The 200 daily moving average only held temporary support before a further plunge on Friday taking it to close at $30.10.
So where are we headed next for Gold and Silver? I prepared a brief video (above) which will cover the main points.
Personally I still remain bullish on these metals for the long term. However, feel free to comment below and let me know your views too.
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