Van Essen: Gold to hit $2,400 & silver could reach $25
June 26, 2014 1:04 pm
Trader, author and technical analyst, Mercedes Van Essen sees gold going to $1,300 before turning down to around $1,200, possibly below that. She says the longer term cyclical pattern supports one more downward move before a significant move to the upside at which point she thinks it will go up to around $2,400. When it comes to silver, Van-Essen says a weekly chart shows a very clear pattern with an ABCD pattern. She sees a break of the channel around $21, leading to an possible upward move to $25. But says the bear market isn’t over yet and just like gold we could see an intraday swift move lower to around $16 before it begins its move higher.
Trader, author and technical analyst, Mercedes Van Essen sees gold going to $1,300 before turning down to around $1,200, possibly below that. She says the longer term cyclical pattern supports one more downward move before a significant move to the upside at which point she thinks it will go up to around $2,400.
When it comes to silver, Van-Essen says a weekly chart shows a very clear pattern with an ABCD pattern. She sees a break of the channel around $21, leading to an possible upward move to $25. But says the bear market isn’t over yet and just like gold we could see an intraday swift move lower to around $16 before it begins its move higher.
Related Posts: