Precious metals continue to show strength as both gold and silver hit new highs in today's session.
First, it was gold leading the charge, and now silver is making its move.
Let’s take a look at this silver futures chart:
As you can see, silver is breaking out of a multi-year base, with momentum accelerating sharply to the upside.
After a failed attempt earlier this year, buyers are giving themselves another chance to push prices out of the box.
If this breakout sticks above $30, we want to be aggressively long not just silver, but the broader precious metals space.
There is a growing list of opportunities, as well as plenty of vehicles and various methods we can use to gain exposure and add leverage to this theme.
The options market is one way we can do it.
Strazza just put an options trade on a silver miner for Breakout Multiplier members this morning. If you're not already a member,...
The entire All Star Charts team and friends are gathered, analyzing charts, having insightful discussions, identifying trade opportunities and delving into trading psychology.
A main theme from this morning's discussion was the importance of setting aside our home-country bias.
As investors, it's crucial to recognize that there are valuable opportunities abroad that we cannot afford to overlook.
One country in particular that stands out is the MSCI Argentina ETF $ARGT.
Gold has been getting a lot of attention lately as it presses against its highest levels in history.
This is an exciting time to be a gold enthusiast.
Just look at what the price is doing.
Here's a long-term chart of gold breaking out to new all-time highs:
After completing a decade-long base earlier this year, the price ripped higher, nearly in a vertical line, reaching the 161.8% Fibonacci extension level.
Following that rally, the price coiled in a tight pattern, absorbing some of its gains, but it’s now back on track with a strong breakout this week.
