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Precious metals building a base

by Alasdair Macleod, Gold Money:

It is three weeks since the managed money category on Comex placed their biggest bet ever recorded in recent times that silver was going lower, and also bet big-time that gold would sink below $1200. As is often the case when traders are so commonly committed to a price outcome they end up nursing some painful losses.

To add to the bears’ misery the technical analysis position is now turning positive for both metals. Silver for example has broken its three-year downtrend on good turnover, as shown in the chart below.

There is some work to be done on this chart before challenging major overhead supply at the $26 level, but it gives good initial scope on the bull tack.

Read More @ GoldMoney.com

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