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Metals Are Looking Bullish; Gold Targeting $1170

Metals are in bullish mode in this week with gold now trading above 1150 so we think that price is underway to 1170 high from Aug 24th. We are tracking impulsive structure, currently within extended red wave iii) headed up to 1160-1163 zone. Also notice that gold is stronger than silver these days, but silver is showing a three wave decline from 15.43 to 14.72 so if price will make an overlap with 15.10 then downward correction will be confirmed as completed. In that case even silver which is weaker than gold, should move to the upside. And this means that gold should have no problems to hit 1170.

Gold Chart

XAUUSD Chart

XAGUSD Chart

Trade well,

 


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