Has The Big Move Started?
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Yesterday we wrote that the metals were getting ready to make a big move in either direction based on the pattern that was being formed. Gold has rallied from a low of $1,304 and is now trading at $1,325, and silver has traded as low as $16.30, now $16.80. Has the big move started?
Both metals are approaching key resistance levels -- gold at $1,328 and silver at $17. If they can break through those levels, the big move could be up. Failure at those levels keeps $1,280 in gold and $16 in silver as part of the equation.
The next couple of days are very important in deciding if this is a real rally and the big move is up or this is just a dead-cat bounce and the big move is down. This is a great time to observe; like a great horse race, these markets can go either way.