Gold And Silver Can't Find A Bid
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
The precious metals continue to take it on the chin as every rally is met with sellers. Gold appears to be headed for our next target at $1,240 and silver looks like it will test $14.00. The pressure is mounting as the metal’s markets see the weak hands cave in almost daily.
When watching patterns like we are seeing in gold and silver, we know one thing: a deadcat bounce is coming. We must remember that markets don’t go straight in one direction and major sell offs are always met with some vicious rallies.
We don’t predict daily moves or gyrations but today could turn out to be that bear market rally. At 2:00 EDT the FOMC minutes are released and could have a big effect on the metals. This news could be just the ticket to create a short covering rally. We will be looking to sell that rally at the right levels which are $1,290 for gold and $14.70 for silver. Until further notice the sellers are in control.