Gold and Silver Futures Outlook for Feb 2017
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On Gold this week are we looking at the overall Trend being down. However, for this week we see price ascending to the weekly/daily supply zones at 1251-1341. Now is the uptrend, by no means we just need price to give a little correction back up before continuing down with the downtrend that we are in overall. This downtrend perspective is really more off the monthly/yearly time-frames than the weekly Bottom Line: This week we see price moving up on Gold and are looking for price to break 1237 for this up move to have happen. If it does happen we have a great supply zone 1270.
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On Silver Futures this week. I’m thinking that we are in a overall uptrend and that we have been in a pullback stage and have seen price move to $15 as a correction or ‘wave’ 2 before price moves even high in the the $25 range. For this week I see the uptrend move continue to the $18.50 – $19 daily supply zone. Now this move may take longer than a week but I definitely see price moving to the upside. It would be nice to see price pullback to $17.50 demand zone before making the power move and breaking $17.75.
Bottom Line: We are in a pullback wave and looking to retests the high at $22. Buying before $22 would be preferable as the name of the game is to buy low and sell high.