Major Spring Rally Gegins Gold & Silverhttps://www.kitco.com/ind/Wiegand/apr052007.html
Major Spring Rally Begins in Gold and Silver
By Roger Wiegand
April 05, 2007
www.tradertracks.com
"Key charts are indicating major moves ahead for gold and silver. We forecast the up- trend through the end of April and perhaps a few days into May, 2007. -Traderrog
All indicators on the XAU are pointing to a rally in stocks.
The daily closing on cash silver for 4-4-07 stopped exactly on my resistance number of $13.53. The futures were trading on this date roughly $.12 higher in the mid-$13.60’s. The new price is above all moving averages and breaking out toward next resistance at $14. Following resistance is $14.50 (mild) and $14.80 (stronger) with our final spring goal being $15.20. In tech charting to a final $15.20 top during the second week of May (compare last year’s data) we touch near the top channel line on this chart and a silver price of $15.20 by forecasting off this chart. When the correction comes in May, look for silver to retreat to the 200 day moving average of $13.50 in a worst case scenario. For fall of 2007, we forecast $19.95 to $22.50. This could be higher if the general stock markets have a serious relapse in September or October which is certainly possible. -Traderrog