Do you remember when we spotted two large bullish “Belt Hold” candles on gold’s 3-month chart in the article that was posted on the 8th entitled
GOLD & SILVER updates at a MOMENTOUS INFLEXION POINT? Since then gold’s price track has pretty much conformed with the scenario set out on that chart and the
BIG NEWS is that it is now becoming increasingly apparent that a small Cup & Handle base is completing in gold that promises to launch it into another major upleg that could easily take it comfortably to new highs which would of course explain the many bullish setups that have appeared on individual gold and silver stocks in recent days, prompting various updates.
An obvious trigger for such a breakout would of course be an attack on Iran by Israel and the US which is a high probability event that could happen at any time from days to several weeks out, a development that will of course have grave and possibly unforeseen consequences.
The Precious Metals sector is therefore rated a strong buy again here – and this is believed to be a good time to buy any stocks you have had your eye on, or add to positions in them, before the breakout from the Cup & Handle occurs.
End of update.
Posted at 10.15 am EST on 20th February 26.