Gold, Silver, miners look attractive on bullish signals
Gold, silver and miners are likely to witness consolidation as traders are waiting for signals from the FOMC meet this month. After FOMC meet, metals and miners (GDX) may rally amidst Middle East tensions and unlikely Fed tapering.
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Gold, silver and precious metals miners look attractive for investors on bullish signals emanating from daily charts.
He points out in an elaborate analysis that he was among the first to alert investors about the current rally in gold and gold stocks long time back. However, Handwerger warns that some of the short term technical indicators are overbought for gold and silver miners. Therefore, invesotrs need to be prepared to use consolidation as buying opportunity.
Gold, silver and miners are likely to witness consolidation as traders are waiting for signals from the FOMC meet this month. After FOMC meet, metals and miners (GDX) may rally amidst Middle East tensions and unlikely Fed tapering.
"Gold is overbought, reaching resistance at $1425, a short term pull back to 20 day ($1353) or 50-day ($1310) which are now both rising and making a bullish crossover for the first time in many months may be a healthy and provide a secondary buying point," Jeb Handwerger said.
The Gold and Silver Index ($XAU) may be on the throes of a potential breakout and long term bullish reversal. Silver is outperforming and charts signal a rally similar to 2010 when prices moved swiftly form $18 to $50.
Investors could also consider investing in Silver miners (SIL).
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