Watch out for the gold and silver breakouts.Silver after having water fall in 2008 has been consolidating for over year forming a asecending triangle ever since.Silver ETF SLV did break the consolidation pattern which is bullish but we still have key resistance levels around these areas to watch out :
Resistance 1 : $ 15:75 - $16
Resistance 2 : $19 - $20.50
breaking those levels silver can easily reach to $25 initial rally. We are just entering in bullish phase, And my final target on silver before we end this rally is $50 by 2012
Gold has been consolidating for over year now forming reverse H$S which is bullish.Gold is also forming a ascending triangle apart from reverse H$S which is multi year bullish formation.Gold has few resistance levels to watch out and those levels are
Resistance 1 : $1000.
Resistance 2 : $1030.
breaking those levels can easily reach gold to $1200-$1350.My final target on gold could be around $2000 by 2012.
Short term charts click for sharper image
Long Term Charts click for sharper image
