Over the last 18 month we have had a new bullish trend start in gold and silver.
The trend is still intact, as nothing moves in a straight line, a trader must expect pullbacks.
Readtheticker.com RTT Steps tool does so much more than the age old moving averages, they give you the range of expected movement during a trend, a possible pullback reaction line (below the red dotted line is set to 60% pullback [60% between upper and lower range of RTT Steps], and off course a quick view of support and resistance.
Yes one can say that Gold and Silver have yet to confirm their new trend by breaking out higher, but trends have to start somewhere, and we shall have to wait and see.
At this point in time, if price halts the current punch lower, the trend should resume higher for both metals, and you can see on the chart below it is a great time to consider an entry point.
"One of the most helpful things that anybody can learn is to give up trying to catch the last eighth – or the first. These two are the most expensive eighths in the world. They have cost stock traders, taken together, enough millions of dollars to build a concrete highway across the continent." ~ Jesse Livermore
"Successful speculation requires staying on top of changes in industries and companies that either create new industries or improve on existing industries. The majority of your profits will come from these two ... The shrewdest traders throughout history all adapted the skill of reactionary change, as the market constantly presents new and different opportunities." ~ Bernard Baruch
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