Thursday’s breakout in gold supports a phase II rally towards $2,800. The most bullish outcome would be if prices finish next week above $2,650. In that case, I’d have to raise my price target closer to $3,000 immediately.
Silver
Silver could be on the verge of an explosive catch-up rally to gold. A weekly close above the May $32.75 high in September or October could ignite a surge towards $40.00.
Closing Thoughts
Expect higher gold prices into late October. Gold could trade sideways or plunge into December, depending on the election outcome. Overall, I believe the gold bull market is just getting started and should last for the remainder of this decade.
