In today’s video, I joined Elijah K Johnson from Liberty and Finance to discuss gold/silver’s latest big moves, notes technical specialist Chris Vermeulen, editor of The Technical Traders.
Gold (GC=F) prices had a huge run-up early this year; then the war hit, which created an extra surge. We are now seeing gold pullback and cool off a little bit.
Based on the charts, Silver (SI=F) has a pretty similar price action very strong run-up, now flagging sideways, and may start moving up to 29.58 going forward. There should be a lot of selling when silver gets up to this level. The quicker something moves up, the more likely it is to come straight back down when it hits a target.
Overall, there was a pretty deep pullback for gold and silver after the war. The war was a news-based surge and anything news-based that drives price parabolic, usually, that gain gets given back.