QuiCQ 04/04/2024
A Silver Lining
Prefer to read today’s QuiCQ in PDF format? No prob, download it here!
"All that glisters is not gold."
-- The Merchant of Venice, William Shakespeare
If feels like not too many people are talking about the historic breakout in Gold these days. However, and again seemingly, even less investors talk about Silver undeniably having taking out some very important overhead resistances.
This breakout looks bullish on a stand-alone XAG/USD chart (top chart below), with next resistance at $28 and then the big one at $29. When, and not if, that latter resistance is superseded the true upside acceleration should take place, which is the point of the second, bottom chart. Once Gold (red) has entered into a new, major uptrend (which we think it has), Silver (grey) usually lagged but then caught up and exceed performance-wise right into the peak.
In conclusion, buy some now and buy a lot more over $29. Caveat emptor: know your position size and your stops!
