Gold Fails At Six-Month High, Now Rebounding
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
On Wednesday before the Fed announcement, gold was sailing along making new six-month highs before collapsing back to our support level of $1,245. After the Fed, gold and the miners got clobbered. This morning they are regaining much of those losses.
Gold continues to be strong and headed for our first target of $1,275, which could happen in the next day or two. There appears to be a lot of underlying strength, especially after watching the nice recovery overnight.
Silver has struggled but now looks ready to pop as it hovers around resistance in a tight consolidation pattern. Our next target in silver is $15.50, and we expect it to break out any day. Silver should follow the same path as gold, and once it breaks out should be off to the races.