Metals continue the bull run. We expect to see $700 on gold in the very near future. Geopolitical and world economic events coupled with the normal supply and demand equation have this market poised to make a run at the infamous Hunt Brothers high back in the early 80’s.
First we of course need to test the highs from earlier this year and I expect that to happen sometime in September. Look for volatility to expand here as well. We are likely to see some sort of shake out in the not too distant future so keep trailing those stops. Any dip should be cautiously bought and here too I must recommend doing that dip buying via options to keep risks in check.
Copper could find some resistance in the near term as we near $400 but this resistance will not hold in the long run so once we get a clear break out signal we will let you know.
by Derek Frey
www.odomandfrey.com
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