Is the gold boom over? It is certainly not as the charts below show. And for those who - like our esteemed leader Mr W - think that silver is an even better bet, the good news is that the silver chart looks even better. So to tie in with the late 2008 rebound on the daily chart of Gold (one year target $1,300), and the black 200 day moving average bear trap rebound on Silver (6 month target at $20), we have similar bounces off support in key Gold / Silver stocks.

In the case of Anglo American (AAL) it can be seen that there has been a rebound - the second in February, off a line of support from May 2009 at 2,275p. The implication is that the stock will at least retest its January resistance towards 3,000p over the next 2-3 months, especially while the 2009 uptrend line is not broken on a weekly close basis.

The start of 2010 saw Vatukoula Gold (VGM)* jump from the starting gate and the floor of a rising trend channel / 200 day moving average at just under 1.5p. Since then the near vertical takeoff for the stock has taken it to within striking distance of the 2009 price channel at 3p. This is the 4-6 week target while there is no break below the grey 20 day moving average at 2.25p. The longer the shares consolidate above this feature the greater the chance of a break of 3p to give a 2010 year end target as high as 5p - something which would be a spectacular achievement.

Rather like Anglo American, First Majestic (FR.TC)* - a Canadian silver play - has delivered February double bottom along a May 2009 support line currently running through $3.27. While above this number on a weekly close stop loss basis one would expect the shares to make decent progress towards retesting January resistance at $4.50 over the next 1 - 2 months. Indeed, only well below the 200 day moving average at $3.02 would even begin to suggest that First Majestic was not a solid technical buy.

There is a similar February double bottom for another Canadian silver play Great Panther Silver (GPR)* at the floor of a rising 2009 trend channel at 80c and above the black 200 day moving average at 72c. The implication is that while the 200 day line is not broken on a weekly close stop loss basis one would be looking for a swift one - two month retest of the May 2009 price channel top at $1.20.