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Upside Breakout possible in Gold Silver, Patterns on Weekly chart

Friday, July 6, 2012 17:36
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It has been few months I haven’t written about precious metals, But accidentally saw the charts today. I found that COMEX gold and silver is ready for breakout from its descending triangle pattern, in this case I am expecting a positive breakout. Look at the weekly charts of silver as I see its ready for a breakout (may be in few weeks) see below chart.

But gold may take some time for giving a breakout in that pattern.  Look at the gold’s weekly chart below:

Trading position in Gold and Silver:

I will prefer to trade long on both of these precious metals, when the breakout happens. However, I will see when the downward sloping resistance line becomes invalid, at this very moment I will initiate long positions. In silver I see breakout earlier as compared to gold. Lets just wait for breakout, once breakout trade is active I will let you know.

Now every trader can become an expert by learning technical analysis online, for complete details call me on +91-9970777789.

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