Gold, Silver Ready To Pop Higher
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
For now, gold and silver appear to have put in at least temporary bottoms. For the next few weeks, we would expect the metals to rally or at worst case hold the recent lows. There are no guarantees that the lows are in, but we would only be long at these levels.
Gold should make a run at $1,200, $1,220 and then $1,240. The $1,130 level is still lurking out there, but the action is turning from bearish to bullish. There is a ton of data this week, including the Fed minutes on Wednesday. It’s always amusing how markets will react on data that is six weeks old.
With the trade wars looking like they are going to settle, and the meltdown of the emerging markets, there appears to be no better time for a nice bounce in both gold and silver. We will use $1,160 as our puke point to exit if this rally starts to fail.