BofA recommends promoting brief gold towards silver at a ratio of 83.50, with a goal of 78.50/75.00 and a cease at 87.50.
Key Factors:
- Gold: The 2024 value targets of 2368, 2538, and 2643 have already been achieved, with the following goal at roughly 2733. Nevertheless, BofA advises towards chasing gold presently as a result of record-stretched positioning and momentum ranges.
- Silver: Silver costs are approaching eleven-year highs, indicating potential for additional upward motion. In distinction to gold, there may be extra room for oscillators and positioning to stretch, with attainable upside targets of $36.02 to $40.
- The gold-to-silver ratio has shaped a double prime, suggesting a positive outlook for silver.
Conclusion:
Given the present market dynamics, BofA’s technique focuses on capitalizing on the relative energy of silver in comparison with gold, recommending brief positions in gold whereas concentrating on important ranges in silver.
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