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Gold, Silver Continue To Struggle

Commentaries & Views

The trading action in the metals continues to show that traders are trying to push the metals lower and investors are apathetic. As we often talk about, the pain and torment of the consolidation pattern occurs when neither the bulls nor the bears can take charge.

There are signs in gold and silver that the bears still hold a slight advantage, which is consistent with our call of gold going to $1,240. Like all markets in congestion, rallies are met with sellers and sell-offs are met with buyers. In the metals, the bears still have the edge, as witnessed by the lower highs that are made with every rally.

Although silver looks much closer to bottoming than gold, both don’t look good and the volume always appears when sellers show up to sell the rallies. The next big move should be lower, which is consistent with the current price action.

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.

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