Gold, Silver Trying To Hold
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
With gold and silver under heavy pressure for the last couple of weeks, they appear to be fighting to hold onto major support. The patterns are a little weak, but they are certainly giving support the old college try.
As we have written the last few days, we are still long-term bullish the metals but at these key levels, we are not adding to our positions. Gold and silver have a lot of work here to prove that they have found support and a new bottom.
The next couple of days are loaded with economic data that could confirm a bottom or send the metals reeling to new recent lows. Between the jobs number on Friday and the ECB decision on rates today, we could see fireworks. We will stand pat with current long-term holdings but will wait for the news to cycle through. The key level for gold is $1,280-$1,275, while $14.95-$15 is the key for silver. For now, we watch.