Cyber Monday, Gold Higher
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Gold traded lower on Black Friday, which looked like carnage for equities finishing their worst week since March. Cyber Monday is looking brighter for everything as equities soar higher, while gold and oil are marginally higher.
The metals have ignored everything as they trade in their own little worlds, and the collapse of the cryptocurrencies has done little to buoy the price of gold or silver. The consolidation pattern continues as gold has traded in a $10 range the last five days, looking for a reason to break out in either direction.
Based on the pattern, gold is setting up for a big move of 3%-5% sooner rather than later. We will continue to stay to the long side expecting the next big move to be up. The naysayers continue to try and talk the metals lower and yet they hold. There are never any guarantees but we would rather be long than short based on the current setup.