(Kitco News) - Here's what I wrote in a Kitco report on June 24:
"Take a gander at the weekly continuation chart for nearby Comex gold futures. Prices are in an accelerating uptrend as seen by the three trend lines that get progressively steeper. Trend-line analysis, using the latest, steepest trend line, projects the following prices in the following timeframes: Sept. 1--$1,886; Nov. 1--$2,040; Jan. 1--$2,213."
Here’s an update, given the recently harder price acceleration (a bit steeper uptrend line) in gold. And this time I’m including silver price projections.
Comex gold, silver futures price projections, based upon current trend-line analysis:
Gold
Sept. 1: $1,915.00 (normal downside correction in an uptrend projected)
Nov. 1: $2,085.00
Jan. 1: $2,257.00
Silver
Sept. 1: $21.50 (normal downside correction in an uptrend projected)
Nov. 1: $25.15
Jan. 1: $28.50
Remember, technical chart analysis is an imperfect art and it’s very possible the price trend lines in gold and silver will change again in the coming weeks, which would then change the price projections. Still, most of the "smart money" in the marketplace will attest that studying technical price charts provides more trading success than solely examining supply and demand fundamentals in a market.
