Gold Preparing For Next Move Up
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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.