Gold and Silver had a big week this week. They took off on Thursday – big volume, big range day. So are we finally lifting-off?
I think so. We’ve been basing since June of 2013. And done all the good stuff on both Gold and Silver weekly charts: exhaustion selling volume, bullish divergence, flush patterns, Professional bars, pull back to end of trend and even a perfect little RAMBO pattern right at the Lows. Plus we’ve got Professional support on Commitment of Traders.
But we’ll probably take a little time getting through $1,400 on Gold and $22.50 on Silver – the previous High points. And in the meantime, we might settle back a little after a really huge day on Thursday.
This week should also be fun on the Euro. I think we’ll get resolution of that big blue Professional bar from 5 June. Plus Friday’s Emini chart signalled high volume churn – relatively low range and relatively high volume. This shows profit taking at the Highs.
Good luck with your trading next week.