Make Kitco Your Homepage

Gold Preparing For Next Move Up

Commentaries & Views

Gold and silver continue to consolidate as they prepare for their next move higher. The action is very consistent with a market in an uptrend, and the metals should be ready to resume the rally any day now.

As traders and investors, we must remember that we can’t hope or wish the markets higher. The footprint and money flow indicate there is a lot of room left in both gold and silver to go higher. The key here is the patience to wait for the right level.

Remember -- markets never announce themselves and the move can come anytime without fanfare. We are buyers of gold at $1,305 and silver at $15.70. Based on the footprint, we expect gold to test $1,350 and silver $16.50. For now, we will patiently observe, waiting for opportunity.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Precious Metal Charts

Follow Kitco News