Contributed Commentaries
Gold, Silver Looking To Break Out
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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.
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