The German team are shifting their technical stance but are not willing to go bullish yet.
Below 1700 US$ gold price they remain of the view that this move could simply be a false rally and the whole move could reverse in the next two weeks especially as we are still in Aug. A move above 1700 would radically change their view however and open the door to 1791. 31.97 remains the cap on the silver price technically. Above 32.60 would invite 33.41 as the next target. The gold silver ratio has declined with 54 (200 day ma) likely to hold in their view.
Note their medium term view is in danger of being over turned here. If the recent trends sustain and the technical move scores a visual breakout and price continues to climb above her 200 day ma they will have to do reverse their technical models. They are neutral at present with a wait and see view that the recent move may still reverse in the next two weeks. Lets see.
I’m long across multi instruments and I’m staying long for now.
Here their report released earlier today.
Rich
(6 votes, average: 5.00 out of 5)
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