Buy gold? Very tempting.
Today was a solid move up out of this pennant pattern. It occurred before I thought it would..usually these things almost wait until the exact end. If the 200 day moving average serves as resistance, we should have time to decide if this is a good break and entry point. Either way, it is better than buying at the peak of last year.
Silver is still at the lower range in its pattern. I typically like to see silver leading gold. The green line should still serve as resistance. It is also a better buy here than it was at 48. I know that conclusion seems obvious, but sometimes people will buy at peaks and won't buy at valleys.
Short term is nearing 20% hold long - where I start to consider it oversold. Remember that I like to see a positive divergence between valleys before declaring a buy.
Medium term is back in bearish territory. It doesn't look like it will stop above the previous valley, but it may.
"He who dares not offend cannot be honest."
Thomas Paine
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