100% Certainty! Gold & Silver are About to Make the BIGGEST BREAKOUT in Decades - Chris Vermeulen

100% Certainty! Gold & Silver are About to Make the BIGGEST BREAKOUT in Decades - Chris Vermeulen

Chris Vermeulen, Chief Market Strategist at The Technical Traders, provides a bullish outlook for gold and silver, suggesting significant upward movements for both metals based on daily and monthly chart patterns. Vermeulen anticipates that gold prices could rally to 2,650-2,700 dollars. Currently, Gold trades in a tight range above 2,400 dollars, consolidating previous losses. Traders await the Minutes of the US Federal Reserve's May policy meeting for fresh trading impetus.
In the silver market, prices hold initial support at over 31 dollars an ounce. According to one major bank, silver can move higher as momentum picks up. Silver's recent outperformance has pushed the gold/silver ratio to 75 points, its lowest level since December 2022. Analysts note that silver is attracting new attention as investors seek to hedge against persistently elevated inflation. Vermeulen predicts silver could rise to 34 dollars per ounce, representing a more significant percentage gain than gold, indicating a robust opportunity for silver investors.
As gold and silver prices rise, mining stocks are also expected to perform well, particularly in the late stages of a bull market for equities, where the market currently stands. Despite a recent dip, with gold trading lower by over a percent in the 2,380s dollars due to shifts in interest rate outlooks globally, the long-term prospects remain strong.
Vermeulen also warns that the banking sector, particularly regional banks, may face severe challenges, potentially triggering market shifts and impacting real estate. In this context, precious metals, especially gold, are considered the safest investments due to their stability during downturns.
Vermeulen observes that the current market sentiment is cautious. The S&P 500 has reached a critical resistance point, creating uncertainty about whether the market will continue to rise or enter a significant correction phase. This sentiment was evident on Wednesday, as US stocks fell following the release of the Federal Reserve's most recent meeting minutes. Investors await quarterly results from AI chipmaker Nvidia, which are due after the closing bell.
Stocks struggled for direction throughout the session but weakened after the minutes revealed that US central bank officials still believed price pressures would ease, albeit slowly. This cautious outlook comes after three months of persistent inflation data before the early May meeting, though there were signs of cooling price pressures afterward.
Meanwhile, the commodity market has outperformed the global stock market by a large margin, with commodities like silver, copper, and gold delivering stellar returns this year. Vermeulen notes that downturns and increasing risks in the banking sector enhance the appeal of precious metals. Gold, known for its historical stability, is particularly favored, while silver offers the potential for higher percentage gains.
Silver prices climbed above the 31-dollar mark this week, hitting new all-time highs. In addition, gold prices have been printing new highs every month and are now eyeing the 2,500-dollar price target.

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