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Gold, Silver Looking To Break Out

Commentaries & Views

The metals continue to hold their ground at higher levels; gold managed to hold $1,230 and silver $14.65. All signs point to higher prices, with both metals approaching key decision points once again.

The numbers to watch are $1,240 for gold and $14.80 for silver. A break above will be considered another breakout and more than likely lead to a continuation of this rally while building strength underneath the market.

Notice the subtle switch from the aggressive sellers that could not take out the $1,180 support level to buyers who have taken out $1,220 and are now working on $1,240. Although there could be a pause at the $1,240 level, the higher low of $1,220 should hold and higher prices are coming.

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.