Gold Leads, Silver Follows – Commodity Piece
It’s Game On For Precious Metals
Gold has still been holding strong, despite a bounce in the 10-year Treasury yield. This is a very bullish development not just for Gold, but also for other precious metals and some other Commodities, given that Gold typically leads the cycle. A pullback to the $2192 support or the rising support (around $2100) would present solid buying opportunities. This type of a retest from the breakout point would also be healthy in the long-term.
Silver Levels
Silver, on the other hand, is very close to re-testing its previous resistance of $26.44 as support. If this holds, then $35 is the next upside level of interest. IF it doesn’t, then a retest of the top line of the symmetrical triangle would be on the table, but this would be a gifted opportunity to aggressively load up!
Silver/Gold Ratio
Between Silver and Gold, our bet is for Silver to outperform Gold in the coming months. Silver to Gold ratio is battling a key downtrend resistance. Once this is broken, a +29% move is on the horizon. Until then, every move around the green zone is a good chance to switch Gold into Silver in order to rotate the money and outperform. Remember, do not get attached to any investment. These are only mediums to achieve financial freedom and wealth. Focus on the end goal because that will help keep investments and trades in check from an objective perspective.
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Check out our Q2 2024 Cycle Forecasts here: https://cyclesedge.com/