Gold, Silver & Copper

09/07/2017 2:55 am EST

Focus: COMMODITIES

Omar Ayales

Editor, Gold Charts R Us

Gold continued to soar reaching an 11 month high within the strong rise we call ‘C’. It's fast approaching its next hurdle, and if this $1380 level can be surpassed then the bull market will have moved into a stronger phase, asserts Omar Ayales, editor GoldChartsRUs.


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Although strong macro-economic fundamentals remain a key driver of gold’s bullish run, there are several catalysts that gold is reacting to.

Resources continue to rise, pointing towards a continued and strengthening demand as the economic recovery continues to pick up pace in emerging markets, particularly in China.

International geo-politics continue to give gold a boost too. And you know what can cause more fear than North Korea having an ICBM? You probably guessed it… an ICBM with a nuclear warhead on it! And this is a real game changer.

Interestingly, gold in euros is on the rise, and these three are above their 15-week moving averages. With gold in euro terms now following the others, it's saying gold has been a better buy than the euro. It's starting an intermediate rise and it has room to rise much further.

Gold shares are also following gold up; and so is silver and platinum. Our gold shares are building profits and the rise is still underway.

Gold shares finally broke out this past week. HUI surpassed the 200 resistance level and has not looked back. It’s at the brink of surpassing the Feb highs. Our in-house A/D Line has already broken above the February highs leading the way to further upside.

Interestingly, silver continues to lag copper and gold. The promise of its luster due to the double thruster is not yet paying off as anticipated. However, notice it continues trekking upward. Slowly but surely. I still believe its day to shine will come.

Copper continues to lead, reaching another 3 year high yesterday. Its strength is impressive and not over just yet. It continues to show strong resistance below $16, but also has growing support in a bullish uptrend.

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