In a recent interview with Sprott Money, renowned technical analyst Chris Vermeulen predicted a bullish close to the year for precious metals, with gold potentially reaching $2800 per ounce and silver poised for "explosive highs."
Vermeulen, founder of The Technical Traders.com, highlighted several factors driving this bullish outlook. "December and January are the third and second-best months of the year for gold," he stated, emphasizing the strong seasonality of precious metals.
He further pointed to the current market environment, characterized by increasing volatility and growing concerns about the global economy, as a significant tailwind for safe-haven assets like gold and silver.
"We're in this very strong environment where gold could come up push to 2800 maybe a little bit higher," Vermeulen said during the interview. He also expressed strong optimism for silver, stating, "I think we're going to go back up to this 35 range... and Pierce these highs."
Vermeulen's analysis was underpinned by strong technical signals. He observed bullish patterns in the gold and silver markets, including the breakout of gold prices from a significant consolidation phase and the outperformance of mining stocks, which he noted as a leading indicator for gold. "Miners are leading the way, which is a bullish sign generally," he explained.
While acknowledging the potential for short-term volatility, Vermeulen emphasized the long-term bullish outlook for precious metals. "I think we're going to see gold want to to move up and um again that seasonality chart just shows we should see a fairly decent rally for the next two months which is December and January," he stated.
Watch the full interview:
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