'Metals on the Move' is an exclusive newsletter brought to you by Gareth Soloway, President of VerifiedInvesting.com in partnership with Kitco News.
Silver has been exhibiting a strong bullish trend, and it recently broke out of a key resistance level. This breakout suggests that silver could be poised for a significant rally, potentially reaching $50 per ounce in the near future. Investors should consider adding silver to their portfolios to capture this potential upside.
Gold Bullish Pattern Formation Trade Setup
Gold has also been trending bullish, and it's currently forming a bullish pattern. This pattern suggests that gold could continue its upward trajectory, potentially reaching new highs in the coming months. Investors who are already holding gold should consider adding to their positions, while those who are not yet invested in gold may want to consider doing so now.
Copper Rally May Be Bear Market Retrace
Copper has been rallying in recent weeks, but it's important to note that copper is a cyclical commodity, and its prices tend to move in conjunction with the overall economy. The recent rally in copper may simply be a bear market retracement, and copper prices could start to fall again if the economy enters a recession. Investors should be cautious when investing in copper and should closely monitor economic conditions.
Copper Nearing Resistance...Beware!
Copper is also nearing a key resistance level. If copper prices fail to break through this resistance level, it could lead to a pullback in prices. Investors should be aware of this resistance level and should be prepared to exit their positions if copper prices start to decline.
As always, it's important to conduct your own research before making any investment decisions. However, I hope that my insights have been helpful.