"He who sells what isn't his'n
Must buy it back, or go to prison."
Another up day for the metals, with silver once again leading the charge.
There was an early morning 'dipsy-doodle' just to keep the day traders from banging their F12 buttons too steadily.
Now it gets really interesting with the first level of resistance cleared, and the tougher resistance that marks a serious breakout level overhead.
That 'slanted W' bottom formation is working overtime now, and is targeting higher price levels. The action over the next week or so will shape the greater formation and tell us how high is high at least on this leg of the move.
I am loosely forecasting gold to hit $2500 over the next 12 months, but that depends on such large exogenous variables that the forecast is highly tentative for now.
If and when gold cracks that old support from its range traded days will show us how far it can go on this leg of the bull. I would not like to see it happen too quickly, and probably won't be disappointed unless 'something happens.'
Silver is getting a little short term overbought, which for silver often means nothing. Silver is a rocket when it gets going.
Only ten more business days until the end of the August delivery period.
Have a pleasant weekend.