Gold is set to soar
Technical analysis alone points to gold rising rapidly to at least $4300 by year-end. No wonder platinum, copper, palladium, and silver are front-running gold.
Gold continued its three-month consolidation this week, while silver outperformed. In European morning trade gold was $3348, unchanged from last Friday’s close. And silver was $38.85, up 70 cents on the week. Our headline chart shows silver now outpacing gold so far this year, up 35% and gold up 28%.
Weaking gold since Tuesday’s peak at $3431 has been the impending expiry of the Comex August contract, with last trade for call options on Monday next week.
Gold appears to be nearing the apex of a pennant pattern formation, illustrated next:
