The Silver Lining In Gold
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Gold appears to be breaking out to new highs despite the strength of the dollar and the equity markets. The negativity and fear surrounding gold is helping propel prices higher and it now looks headed to the next level of $1,300.
Silver has suddenly gained strength as well breaking out as it targets $16. After months of consolidation, silver is attracting new money buyers and looks ready to join gold in what looks like the next bull market in metals.
Although both gold and silver look good and appear to be headed to new highs, that doesn’t alleviate the potential for a reversal and some selling pressure. Traders and investors must still watch the support levels. Gold’s support is $1,250 and silver support is $15. As with any trade, the key to success is patience and discipline.