PUBLISHED BY MIKE ROY | DEC 1, 2023 |
After falling into the mid-$1,800s this fall, the Gold price has taken off and is once again threatening its All Time High. As it does, the significance of this recent move is clear in the broader context, as price is on the verge of breaking out of its pink Bull Flag as well as a very large Cup & Handle that has been playing out over the last 12 years. On a monthly closing
basis, the Bull Flag measured move target is around $2,700 while the Cup & Handle measured move target is around $3,650. Also important to note is that Gold has never closed a month about $2,000 as it looks to do here.
With all eyes on Gold, the Silver price is quietly flying under the radar as it usually does prior to big advances. A look at the quarterly chart shows an exciting picture however, as price is breaking out of an extremely large pink bullish wedge as well as the yellow bull flag within it. Note how price also continues to respect the large arc that began as Silver topped in 2011. If price can hold this breakout into year-end, a big move to the top of the arc near $36 will become a strong possibility over the next 12 to 18 months.
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