Gold Prices Explode Higher
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
The footprints were clear; the bottoms were in and gold took off like a rocket on Monday. The last three days in the metals have been strong, with both gold and silver exploding higher.
Gold is higher this morning, but based on the pattern, it would be no surprise to see gold pull back to support before continuing the new uptrend that has developed over the past few days. The bottoms took a while to form but gold now looks poised for a run at $1,350 and possibly $1,400.
On the other hand, silver looks better but still needs another push to reverse its downtrend and make a run higher. Silver has reached resistance and needs a close over $15 before we will become bullish.
If you remember that markets are always right and that the footprints that are left will almost always lead you in the right direction, gold shows us that the path of least resistance is higher. In gold, we are buyers of dips, and in silver, we are still observing.