It's A Gold Rush
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
On Monday, gold followed through on Friday’s big move with another rally. This morning, gold is higher again along with silver. The metals continue to be strong and there is no reason to believe the rally won’t continue.
Gold has clearly broken out to the upside, while silver is reaching a level of resistance. Our expectations are the gold rally will continue although a sell-off to support in the next few days would be no surprise and a buying opportunity. Silver looks to have a rougher road but should be able to break out, moving above $16.
The metals are in a bullish pattern, which we expect to continue. Sell-offs to levels of support should be bought. We are buyers of gold at $1,300 and silver at $15.80. Our next targets are $1,350 gold and $16.20 silver.