Gold looks very nice with a firm uptrend in place. While there may be a modest move downwards (always something to consider with gold), the trend is definitely up and there are multiple points of good support underneath. Dont forget that there are serious, well monied buyers lurking beneath hoping to capitalize on any dips in price. This chart is NOT what a top looks like.

Silver to me looks very bullish on the daily chart. Notice the fib retracement levels drawn and how the price has moved up the “stairs” of the retracement levels - only recently moving above the top level and already having done a backtest of it. We are currently sitting not far above that level – which should provide good support. That is the $17.60 level I has talked about several times previously. Also notice the blue circles I have drawn. Silver has touched each fib level and tested it as support – textbook price action.

I believe that silver is setting up for a parabolic upward move that will be swift and furious – putting immense pressure on the shorts. It will signal the completion of wave 5 of 1 of MAJOR THREE and will take silver to approx. $23 or so (perhaps a bit higher on a spike).

Dont let the talking heads scare you out of your positions. Most definitely dont let them convince you to put shorts on hoping to capitalize on price weakness. That would be playing into their hands. Stay long. Stay strong.

If I am wrong (and when your business is predicting what gold and silver will do – you will be wrong sometimes) you will still be ok, because this bull market is by no means done and prices will go much higher. Your only risk if I am wrong is that you will be sitting on positions and have to wait for a bit for price to bail you out. That fact is what is so beautiful about trading with the primary trend. When you are wrong – the market will bail you out.

Relax. Have a nice enjoyable weekend. The bull market in gold and silver is alive and well – and has much further to go before all is said and done.