Big Move In Metals Coming
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
The big move is coming. We know that markets don’t announce themselves, but they do leave footprints. The footprints being left in metals are telling us that the tug-of-war between the bulls and the bears can only lead to a major breakout.
Monday’s action proved that someone is going to take control of this market and break it out either up or down. We don’t know when and we don’t know which way, but our expectations are in the next week or two, the metals will break out of the trading ranges they have been in for months.
First the metals found a higher support level. Second, they are now trading in narrower ranges. Traders should use this pattern to observe and wait for the metals to commit to one direction or the other. As they say in horse racing, this one can go either way and we will be watching.
Keep those stops tight.