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This chart goes back to 2000 and as is seen the bull market is still strongly intact. These violent gyrations hardly register when you look at a big picture. A solid uptrend is still in place from the $650 mark and the uptrend from $425 very far away. For that signal; to fall gold would have fall to $750 which is highly unlikely. $850 should hold within $10 or so at the most.
Silver as well is very bullish since 2000. The huge bullish triangle was broken and the price is now consolidating at much higher levels. We are now in our third bullish triangle and so far they have all resulted in much higher prices. To me this chart looks nothing but bullish. I like to see a chart going from bottom left to top right, and that is exactly what this is.
While the platinum market has hurt a lot of people lately that is just how it goes. The bull market is still very much intact with the recent Eskom power crisis being the reason for such an explosive move up. The power issues are not behind South Africa so you never know when some news could drive the price back up in a flash. Some support is here and now but strong support is at $1,300. While that feels so far away in this chart it looks perfectly reasonable and would actually be fairly healthy.
Palladium is at string support with major support at $400. You can clearly see that in 2000 palladium was nearly twice the price of platinum. I expect palladium to outperform platinum and for their final tops to be very close to each other. That is why I am more bullish on palladium. A nice slow ascent is what we want to see so that it is more sustainable rather than the spike up, in long term charts, that occurred from 1998 to 2000.
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