I'm bullish for the most part, but we have risk in this zone. If we do break higher on close, and stay there, we could see a massive short squeeze rally in gold and silver. In the case of gold here, the target would be 1714.28, initially, but could evolve into a resumption of the long term advance in gold, so, I'd reccomend simply owning some physical gold, on top of any investments in miners, or funds like CEF and the like. These could be a good addition to any portfolio under the right circumstances, and a daily timeframe entry setup.
We have to monitor the quarterly close here, which could give us further clues, about the direction of the trend. We could be seeing a reversal of the decline since the 2011 top, so, let's keep an eye on it and remain unbiased in our analysis, and acts.
Good luck,
Ivan Labrie.
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Gold has a strong breakout today. We could be rallying steadily higher if we hold above today's low. I'm long and adding on dips.
@fxxxxtrader, I'd own physical, both, as a general protection, right now. As for CFDs or futures, I'm flat in Silver, they are quite correlated. If there's a spread, you can pick the one at the bottom of a 1-3 month spread, when picking a technical long. That's what I generally do. I also keep in mind Silver's real world use, as a potential fundamental reason for outperformance, so, in the long term, I'm more biased to owning silver than gold.
You're in any positions?