What Happens To Gold And Silver Next? Look Out Below?

BH1964, I would welcome the opportunity to buy more gold at $900, I just don't think it will go that low unless there is some major event as a catalyst, I just can't picture it grinding slowly down to that level without sufficient reason. More pro's than con's imo for gold going higher. But who knows, you may end up being correct.

just hang in there...new bottom is good...it means next run up better than ever. Inaugural day may gown in history as the beginning of a new civil war...the nutbars are heading to Washington to make a huge disruption---great for gold..not so good when a national guardsman is comin at ya. Patience, our day is close...you've waited all this time, so, 60 days will go by fast.

I hope you're right but also think gold could slowly grind down under $1000 over the next two years IMO.

looks like a ton of angst on the thread here with the continued range breaks lower from last week.

I think you can all see why in October I decided to cut and move on. There is a time where, even with a trend, you must decide whether its worth the hassle or not, whether its going to be a nice runner or full of turbulence. There are a lot of prettier up trends right now than what gold and silver offer.

Going forward, the next set of prices to watch are-

Gold- a break of 1170.30 gets gold even lower

Silver- a break of 16.15 gets silver even lower

Just a reminder, both metals are still in up trends even with their respective pull backs and are still up for the year.

2016 has not been an easy year for trend followers. If I have time, I'd like to put up several commodity charts. If you look at them, whether it be coffee, soybeans, cotton, sugar to name a few, if you look at them at over a full year, they all have given back gains. Its been a year of pulling back and a lot of chop within the trend.

I'll also repeat that gold and silver are reminding me of previous patterns where an asset hits a 52 high, then proceeds to pull in with deep pull backs and eventually ends up where it started.

This is how markets are and your real guide, as always, is the price action.

If you find yourself under water, its time to assess how much of a loss you want to take and whether its really worth holding. Remember, its OK to be wrong, but to remain wrong is not ok.

As we progress here, we will be wanting to see at what level do silver and gold turn around. So far we havent see any sort of range hold. We also should be watching the yearly lows. That would, again, be complete confirmation, without a doubt that again the trend has changed.

They are still ways away but we want to watch these things closely, while not jumping to any sort of conclusions. Allow the price to do the talking.

Dont have time right now for posting any charts but while everyone is worried, confused and cant see the uptrend in the PMs, several gold and silver miners are trying on shorter time frames to make bases and move out of them higher.

Many, if not most mining stocks are in up trends despite the slide in gold and silver, if you cant spot the uptrend then you probably have zero business in buying gold/silver, let alone PM mining stocks.

Some of the better looking mining stocks are:

HL
RGLD
ABX

as an additional name, if you are looking to play the rise in palladium, take a look at SWC, very beautiful price action, up trend and less than 20 cents away from its 52 high.

I can clearly see everyone on here has had their confidence shaken, plenty of folks are ready to deny the up trend, some are too blind to see it and others are certain PMs are going lower too very silly levels, which is pretty much what I expect from the public.

The PMs have been in a pretty ugly up trend, which, trends dont all have to be pretty and smooth. Its good to see tho, the negative sentiment and people talking nonsense, its absolutely hilarious and makes me chuckle.

Its clear that a ton of time is needed for this trend to sort things out. Nevertheless, until we fully see gold and silver break down, we cannot rush out and place judgement, denying the up trend that exists in gold and silver.

Rather, it is better to address each level, level by level, paying attention to price. One lesson I learned early on and live by is to allow price to do its thing, least you be surprised and wrong footed by acting before price confirms anything.

At the end of the day, it will be the price action which will tell us when this uptrend is finally done and not worthless opinions.

The efficiency of PM directional guesses are not much different in value or accuracy, for example, conceptually compared to the countless media viewpoints expressed as late as 24 hours before the final POTUS election results posted. 95 % of them ended up in left field DOA: even the predictions originating from the supposed experts.

IMO one should just follow his/her own 'educated' gut instincts to generate a better feeling and attitude about the entire self-derived decision making process, no matter what the end result turns out to be.

I'd like to cordially welcome $17 back to the silver market.