Metals Coming Off Two-Day Pounding
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
After trading over $1,300 on Tuesday, gold has taken a pounding, trading down to $1,273 but holding the key support level of $1,270. Silver found itself under pressure as well, making a low of $16.34 this week. Both metals managed to hold key levels and are slightly higher this morning.
Between Bitcoin and the metals, it has been a rough week, with all struggling but holding key levels. The future looks bright for gold and silver if they can hold these key levels. The patterns have not been violated and this is probably a great buying opportunity. Bitcoin may have a few more issues in the near term since it became the daily headline and is considered a bubble.
Investors poured into equities on Thursday, making the pressure on the metals understandable. However, the pattern for the Dow looked like a blow-off pattern and could be the top. The buyers are coming for gold and silver; higher prices are on the horizon.