Latest gold and silver buying opportunity

October 6, 2015 03:01 PM

[node:field_image:alt]

Looking at the daily chart in gold it still looks somewhat range-bound, failing to take out the past highs in September and August, however the silver market has taken out both those highs and closed above them technically favorable for silver.

Bullish Highlights

  • Gold and silver have been making higher lows for the past three months
  • Silver has broken out of the W formation and Gold may soon do the same
  • The precious metals division at Zaner Group says that Minted coins have been tight and they don't see that ending anytime soon

I don't think silver is going to go higher without taking gold with it gold and silver had buy signals last Friday and gold has a new fresh buy signal today. If gold can soon close above the Sept. 24, 2015 high gold should be breaking out I have resistance at $1,182 then $1,207. The weekly chart has already made a new high over last week and has almost had a change in trend to the upside. 
 

Page 1 of 2
About the Author

Larry Baer is a senior broker with Zaner Group. He has been in the futures industry for 30 years and his prior experience includes a membership at the Chicago Board of Trade.  During his 10 years on the trading floor, he traded and managed a futures and options operation, which serviced both retail and institutional clients.  He is also the author of “The Trader's Tool Box.”  He may be reached at lbaer@zaner.com and  312.277.0112.