Christopher Aaron – The Long-term Bullish Cup And Handle Pattern Has Been Triggered In Gold
Christopher Aaron, Founder of iGold Advisors and Senior Editor for Gold Eagle, joins us to break down the technical outlook for Gold, Silver, and the PM mining stocks. We start off with the key technical takeaway from the recent price action in gold that longer-term bullish cup & handle chart pattern in gold has been triggered. This is an extremely bullish longer-term development for gold where Christopher shares an upside target of $2880 in gold, providing that $1850 support is not breached on any pullback. In the short-term, we discuss how there will be a mild corrective move when the geopolitical events get resolved, but he believes it is likely that could happen from an even higher level, and will be a swift “buy the dip” opportunity.
Next we pivot over to what support and resistance levels Christopher is watching in Silver, and how he’ll be watching to see the approach to the key $29-$30 resistance area for a signal as to when gold may put in a short-term top as well. A pullback to $25 is not out of the question, but medium term, when silver breaks $30 then a move up to $37-$38 is quite achievable, and then possibly a move to test the all time high at $50 and beyond in $2023. We wrap up with a review of the gold and silver mining stocks, noting the moves in the key ETFs, and that the seniors have already started moving, and eventually this will trickle down to the junior miners. At the end, Christopher offers some very wise counsel on how investors should monitor their personal sentiment and reflect on the composition of their mining stock portfolio and adjust the holdings appropriately.