Gold and silver futures fail to decouple from equities as prices breach key support and hit new yearly lows. While the immediate trend remains bearish, the long-term technical outlook suggests gold could reach $3,500.
Long have I waited for precious metals to get a mind of their own and divorce themselves from equities. Nope, hasn’t happened. Gold and silver futures, shown below, are cracking support and are either at or near new lows for the year. At this point, I can easily see gold going to $3,500.
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