With continued volatility in gold and silver, King World News interviewed legendary technical analyst Louise Yamada of Technical Research Advisors. When asked about the action in the metals markets Louise remarked,“Gold continues to be in an uptrend in our work. You had a little bit of a consolidation, seasonality would suggest a rise into the fall. The primary support level remains at $1,475...Our next target is $2,000, and we did a gold special in our last piece that suggested from a very long-term perspective...we could see $5,200 on gold.”
Louise Yamada continues:
Regarding silver specifically Yamada remarked, “We hit part of our silver targets at $50, (expect) $65, even $80, $85 over time. We had an 88% rally in a very short period of time from January and a one third retracement, 34% down, so that was pretty normal. We saw some support at $33 and would loved to have seen it go sideways a little bit longer to be honest with you.”
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