It looks like James Turk was right in a recent article on www.KingWorldNews.com. Turk was commenting as Gold was rising towards $1,260 in European trading and silver was moving towards $20 and he was expecting a some upwards movement from there.
I personally have been hanging back this last week before buying more Gold as I have been expectig a pull back as the Technical Funds sell off, but we may have broken new ground again, with $1250 a distant memory.
Turk’s comments were:
“Friday’s action was confirmation that the pattern has changed. Yesterday’s action verified that as well, as the dips were bought aggressively, and there is still this strong demand for physical metal at these levels.”
“There is one last thing I would like to say about this pattern and this is why I keep coming back to it. This is exactly the type of trading action you would expect to see before the big breakout.”
“So, I am still expecting that upside explosion in silver as soon as we get above $20.50 to $21.”
“The action in gold is consistent with what is happening in silver, which also confirms it will break into new high ground as well.”
“In fact, gold is already there as we had an all-time record closing high yesterday in New York.”
They commented on a change in the trading habits of both gold and silver. King said:
“Pullbacks are proving to be short and shallow in the metals and then the markets immediately turn higher. This certainly is aggressive action and as James said, ‘The train is leaving the station’.”
So we could be seeing the next price breakout – watch this space.