I watch a few precious metals stock on a daily basis: Goldcorp, U.S. Gold, & Silvercorp. Yesterday, all three broke through notable barriers on the upside. Goldcorp has had a problem staying above $50 but blew through it yesterday:
Silvercorp’s chart:
U.S. Gold:
This day was a memorable day for these and other stocks in this category. All three stocks rose on strong volume and I suspect the Wall Street insiders are now seeing upside potential. I have ownership in all three but would not recommend purchasing these stocks after this run up unless Our Heavenly Father were to tell you specifically to buy these. After a day like this, there is normally some pullback. A bull market is known for “bucking off” investors on the downside.
Now that gold has busted through the $1,440 target, I am focused on the $1,530 level. It will be interesting to see if silver finds major resistance at the $40 level. Round numbers tend to be a resistance level. Once $40 is breached with resolve, I look at $51 silver as the next area of focus.
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