Friday 29 November 2019

The big bull flag

The precious metals of Gold and Silver saw net November declines of $42.10 (2.8%) to $1472.70, and $0.96 (5.3%) to $17.11 respectively. The m/t trend remains bullish, with multi-month price structure of a bull flag.


Gold, monthly1b



Silver, monthly1b



Summary

Gold: the second net monthly decline of three. Price structure is a bull flag, and would be fully confirmed with a break above the Sept' high of $1566.20. New historic highs look very viable in second half of 2020.

Silver: the second net monthly decline of three. Price structure is a pretty clean bull flag, and will be provisionally confirmed with a break above the Sept' high of $19.75. Big target is the 2016 high of $21.23. Any price action >22.00 in 2020 would be exceptionally bullish for the mid term.
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Related miner implications: If the bull flags do play out in Gold and Silver, the implications for the related mining stocks should be clear.