CelticGold Gold & Silver Market Update 28th July 2013
Gold ended up $29 for the week and demonstrated some real resiliency. After Monday every time Gold looked like it was headed back down it would stage a bit of a rally and was able to end the week in positive territory.
While no one knows for sure wether what we saw this past week was a relief rally or the start of a sustained upward trend forming, the bottom line is that the technical picture has improved as we look for a follow through next week.
The technicians that we follow have both stated that the next level of overhead resistance comes in at $1350. Should Gold be able to close above this next week we will likely see more short covering which could provide for some nice gains as we head into August. Just above $1300 is a good floor of support should Gold experience some weakness.
It is likely however that we will see increased volatility over the next couple of months as Gold needs to break through and hold the next key areas of resistance.
It seems like every week more and more news stories are coming out that expose the insolvency and fraud that exists in the global financial system. This is one of the reasons why becoming your own Central Bank through holding some Gold and Silver outside the banking system makes alot of sense right now. As Jim Sinclair has said currency is for transactions and Gold is for savings.
Here are a couple of articles about recent news with the big banks. Hopefully bit by bit the truth will continue to come out.
Update for the SIlver Market
The technical picture for Silver also improved last week but not as much as Gold. Silver finished the week up about 30 cents and was able to post a close just a few cents below the key $20 level. It is likely that Gold will need to post stronger gains which will give Silver the boost it needs to have a solid close above $20.50-$21.
While no one truly knows if the bottom is in yet we believe that when we get into the early fall Silver prices could start to move up rather quickly. Should that happen there may be shortages due to demand overtaking supply.
We have written about the high potential Silver has over the next few years to be one of the best performing asset classes, although it will likely be a wild ride. Many knowledgeable investors believe that the bullish case for Silver is very compelling right now.
For this weeks update we wanted to share some of the recent articles that have come out for Silver for those who are considering buying right now so each person can come to their own conclusion.
As usual we will continue to post articles and content on the web site during the week about the Silver market to keep you updated.
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