Make Kitco Your Homepage

Gold Consolidates On Light Volume

Commentaries & Views

Editor's Note: Get caught up in minutes with our speedy summary of today's must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!

Like 90% of the markets, the metals are stuck in the slow churn of consolidation. Volume has begun to shrink in both gold and silver, signaling a pause in the action. The current range appears to be $1,280-$1,320, showing no signs of leaving the comfort of those levels.

All markets go through a congestion phase. In fact, that is where all markets are born, and the metals will break out of this range. The big problem for traders is trying to time, which in itself is a huge mistake. Timing markets is a fool's game as are those who think they can.

For now, gold and silver are in a trading range, and they will show a valid footprint when they are ready to move out of this range. We remain bullish long term and investors should sit tight while traders should attempt to trade the range or sit this one out.

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