Senior analyst Jim Wyckoff says the gold and silver market is still in an uptrend in the long run. According to the analyst, a bull flag pattern has developed on the monthly gold chart, which means new highs for the yellow metal in the long run. Jim Wyckoff’s analysis and assessment of gold and silver prices cryptocoin.com We have prepared for our readers.
Jim Wyckoff gives an upside price target of $2,500 for gold
Analyst Jim Wyckoff evaluates the monthly chart for COMEX gold futures and says gold prices are still in a long-term uptrend. The analyst states that on a near-term basis, it is not far below the record level of $2,063 seen in August 2020. Jim Wyckoff further points to the following level in his analysis:
In fact, a monthly gold chart bull flag pattern developed. Longer-term measurement results for this bull flag suggest an upside price target of around $2,500 in the coming months or slightly longer.
Commenting on the monthly Comex silver futures chart, senior analyst Jim Wyckoff states that as long as prices stay above the strong long-term chart support at the $21.00 area, it will generally remain in a technically long-term bullish position. The analyst draws attention to the following technical levels:
The next upside price target for silver bulls is to push prices above the long-term chart resistance at $30.21, this year’s high. A move above this year’s high would open the door to much greater upside price potential.
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