Ouch! Gold Prices Getting Hammered
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
I woke up this morning to gold and silver getting hammered and although disappointing, this is really not a huge surprise. In fact, I expected a small pullback from the highs at $1,350 in gold, and silver hasn’t broken out to the upside yet.
If you have followed me for any period of time, you know we expected a retracement and had no expectations that the metals would go straight up. Markets in general don’t go straight up or down. There is always a period when they pause and consolidate or reverse. This time is no different.
The rally was perfect and barely took out the highs from February. We are still bullish gold and waiting for silver to break out to the upside and will look at this pullback as a buying opportunity. We will assign levels to buy in the next day or two as the pattern will show us a valid footprint.