Make Kitco Your Homepage

Gold, Silver Trying To Hold

Commentaries & Views

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.

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.