The “Power of the Pattern” suggested to harvest Gold position on 5/2 (see post here) Due to resistance Gold declined almost 8% in few weeks.
On 7/13 the patterns reflected that Gold ETF GLD was breaking from a sideways channel, which reflected a NEW BUY SIGNAL FOR GOLD due to the breakout (see post here). Gold has continued to push higher after the breakout.
While Gold declined 8%, Silver declined over 30%…..Silver chopped sideways between the low and its 38% Fib level for several months yet a change from this sideways patterns looks to be in the making….
CLICK ON CHART TO ENLARGE
With Gold breaking to new all-time highs…a break above Silvers 38% retracement level and sideways channel would be a VERY positive event for SLV.