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.

By Jesse

http://jessescrossroadscafe.blogspot.com

Welcome to Jesse's Café Américain - These are personal observations about the economy and the markets. In plewis

roviding information, we hope this allows you to make your own decisions in an informed manner, even if it is from learning by our mistakes, which are many.

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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