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Gold and silver prices appear to be completing relatively large scale patterns that I think will resolve to the upside. I would anticipate gold to bottom somewhere between today and the second week of May and with not much more downside (either today being a low or next support at $1250 on the gold chart.
I would estimate that the next leg up would carry gold to the $1500 range if this scenario plays out. Timing entry off of a 4 hour chart may provide a nice reward to risk opportunity.
Another way to possibly profit from this potential move would also be to purchase long call options with 4-5 months until expiration. This may allow for a significant move with a reasonable risk to reward and limited capital outlay.
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