Metals slipped after US Treasury Secretary Janet Yellen said interest rates might hike much earlier than scheduled. Obviously, such news made many investors hastily close their positions, setting off a strong selling pressure in the market. It formed a bearish ABC pattern in the charts, which we can use as basis for another decline in gold and silver.
Target for silver:
First target for gold:
Second target for gold.
Clearly, gold and silver are on the verge of a tremendous collapse, so the best action right now is to enter short positions.
But it is also important to remember that the World Bank projected gold to rise to $ 1600 this year.
In any case, the above-mentioned idea is under the Price Action and Stop Hunting methods.
Good luck!
