What is interesting about the big three precious metals currently is the way a clear division can be seen between Gold, which is clearly in play as a geopolitical proxy, and Silver / Platinum where a more orderly climb is being seen. The question is whether we have an opportunity to chase Silver and Platinum higher for those who may have missed out on the rise in the yellow metal?
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Gold: Accelerating Recovery
Clean and untested break of 200 day moving average implies significant new gains.
December price channel target as high as $1,470 by the end of April
Support towards initial March highs near $1,350
Also, Ben Turney round at “Prophets of Perpetual Doom” remains bearishly orientated and as regular readers know, we ALWAYS take the other side of their calls!
Silver: 200 Day Moving Average Test
Break above 200 day line followed by support test
Likely progress towards September price channel at $24
Buying opportunity given modest 50 plus RSI towards 200 day moving average / $20
Platinum: Bull Flag Above 200 Day Moving Average
A golden cross Buy signal formed with the precious metal above all major MA’s
Bull flag at former Jan resistance just breaking out to upside
Implied target of $1600 on a 3-6 months view