From Peter Brandt:
Have precious metals begun a new bull market?
Gold is forming a possible massive H&S bottom
On Sunday, June 15, I issued a Tweet that Gold was forming a possible H&S bottom pattern. See here for chart posted.
Additional evidence exists that the precious metals are forming major chart bottoms that could propel the next bull market phase. To gain a fuller understanding of the importance of price charts in Gold, please read the “Chart History of the Gold Market,” last updated in November 2013.
The H&S bottom in Gold is now clearly defined on the daily and weekly charts (weekly chart shown). The rally today is strong indication that the right shoulder low is in place. A close above 1400 is required to complete this bottom.
In the event of such a close, the swing target in Gold would become 2,400 as shown on the monthly graph. This swing target assumes that the advance from the Dec 2013 low will equal the advance from late 2008 through Sept 2011. Remember, a H&S bottom is not a H&S bottom until it is completed.
Silver also presents an interesting technical study....MORE
And how is our short gold/long platinum dirty hedge working?
Surprisingly well thanks for asking:
