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Has The Big Move Started?

Commentaries & Views

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.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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