Whipsaw price action in the metals today. We saw some up and down moves in the dollar too. I have to think the Brexit fears are overdone at the moment and we may get a fall in the dollar, rise in the Pound and Euro, and an overall move higher in the markets. Futures are already up 425 to 1989.25 after falling to a lower low from Friday’s nightmare of a day for Wall St.
Here is where the dollar is at present and my thoughts from a very micro viewpoint that can push the metals up a bit higher. I still would like to see gold hit $1,400 if I can at all get it there.
On April 17th, when silver was $16.17 I showed a chart where I thought it could go to 18 and said I was bullish. It did hit $18 twice now, but has not yet broken over that price. In that same article I said gold, when it was $1,227.10 could go to $1,300- $1,400? It did get to $1,362 as a high so far.
At this point I would like to see market makers take gold to a higher high and trap some more longs with it doing so. From there I will be writing my topping article. Silver can break above my $18 target some and just use the $1,400 price for gold to sell silver at whatever price it may get to.
You’ll notice with my micro calls I don’t try and take both sides of a trade. I stick with my calls and hopefully we hit the highs I look for. But I have been consistent in not giving up on the possibility of lower prices in the metals. I am not writing my “all in” article and it takes a 400+ page book to understand from where I come from. That book, Illusions of Wealth, will be out hopefully within a week, assuming Amazon.com gets me the proof copy in that timeframe. But if it takes 2 weeks, that’s ok. The message will be the same. You can sign up for announcement of that books release here: https://illusionsofwealth.com
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About Doug EberhardtDoug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. The book; “Buy Gold and Silver Safely” is available by clicking here Contact phone number for Buy Gold and Silver Safely is 888-604-6534
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Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with capital you can’t afford to lose. This is neither a solicitation nor an offer to Purchase/Sell futures or options. No representation is being made that any account will or is likely to achieve gains or losses similar to those discussed in this outlook. The past track record of any trading system or methodology is not necessarily indicative of future results.
All trades, patterns, charts, systems, etc. discussed in this outlook and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author.