Silver chartist confirms the Dubai Old Gold Souk’s $60 September price target

The widely followed technical chartist Clive Maund has confirmed the $60-an-ounce price target by September for silver set by the Dubai Old Gold Souk last week  in his latest review of the sector. This builds on a bullish outlook for gold that is leveraged with investment in silver.

He writes: ‘On the seven-month chart for gold we can see that on Wednesday it broke out from the consolidation pattern that it has been stuck in since it peaked last August-September. This was a strong move on significantly increased turnover, which is bullish, and was a move confirmed by a massive upblast by precious metal stocks.

‘This breakout is therefore viewed as marking the end of what has turned out to be a period of consolidation, and the start of a major uptrend that should take gold much higher – comfortably to new highs.’

Major uptrend

Clive Maund’s conclusion is that a major uptrend is just starting in gold and silver, their ETFs and stocks and that this is a good time to buy if you have not already.

The monthly ArabianMoney investment newsletter published tomorrow will give some interesting ideas on how to leverage up the coming silver price increase to subscirbers only. From CliveMaund.com:

Tags: price of silver, Silver, silver analysis, silver futures, silver futures prices, silver news, silver price, silver price 2012, silver price forecast, silver prices, silver spot, spot silver

Posted by Silver Guru on Jan 31 2012. Filed under Silver Analysis. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry