An earlier article on gold & silver went viral with almost 30,000 reads on munKNEE.com alone and continues to be read by hundreds of goldbugs daily. Below is an updated chart and analysis suggesting that gold & silver have further to drop before they go parabolic. Take a look and share it with friends.
So says Juan Eduardo Morales Veas (www.moneygreedandfear.com) in edited excerpts from his original submission.
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Veas goes on to say, in part:
My Analysis of the Future Price of Gold
Back in October 2012, when gold was in the process of declining from $1,800/ozt at the beginning of the month to $1,700/ozt at month-end I predicted (see here) that gold would continue dropping to $1,675/ozt by year end. In fact, gold dropped to $1,636/ozt in mid-December. (Incidentally, I issued a sell signal to my clients on December 23rd at $1,656.61/ozt)
My analysis below suggests that gold’s strong downtrend will continue and reach somewhere between $1,160/ozt and $1,200/ozt by mid-year before making a parabolic rally to US$3,950.00 in the last quarter of 2013.
Why has/is this happening? Because the price of gold during this secular bull market has followed a predictable ABCD wave pattern. In the chart below I have drawn the Fibonacci Fan of 3 diagonal lines that help identify key levels of support and resistance.
My Analysis of the Future Price of Silver
Also back in October, 2012, with silver trading down from $35.66 at the beginning of the month to approx. $32 at month’s end, I predicted (see here) that silver would continue falling and reach $30.50 by the end of 2012. In, fact it dropped to $29.64. (Incidentally, I issued a sell signal to my clients on December 23rd at $29.98)
My analysis below suggests that silver’s strong downtrend will continue and reach somewhere between $15/ozt and $18/ozt by mid-year before making a parabolic rally to US$117.00 in the last quarter of 2013.
Veas offers a Weekly Platinum MoneyGreedAndFear.com Newsletter at a cost of US$75/mo. Contact him at JuanEduardo.MoralesVeas@gmail.com
Below are articles outlining Veas’ previous price predictions:
October 31, 2012
My previous article on gold & silver went viral with almost 30,000 reads on munKNEE.com alone and continues to be read by hundreds of goldbugs daily. Below is an updated chart and analysis suggesting that gold & silver have further to drop before they go parabolic. Take a look and share it with friends. Read More »
July 31, 2012
Due to the severe financial crisis in Europe, capital will continue to take refuge in the U.S. Dollar and gold and silver will collapse to US$1,380/oz. (Fibonacci Retracement 61.8% level) and US$18/oz. (Fibonacci Retracement 76.8% level) respectively, in the third quarter of 2012. Read More »
Based on my technical analysis gold will drop to $1,450/oz. before the end of May and then go parabolic in the next C-wave to $3,950/oz. Below is a chart of how I see the price of gold unfolding over the next while. Read More »