Gold Consolidates On Light Volume
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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.