Gold Bulls Party On
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Yesterday we wrote that the bulls looked to be taking charge of the market and suddenly about noon EDT, the party was on. Gold rallied $25 and made a new six-year closing high at $1,447. What a move, and this morning gold pushed to $1,454 before selling off a little
The rally was no surprise but of course a $25 move is always a little surprising. As we have been writing almost daily, the stars were aligned and all signs pointed to a rally. We have seen the same pattern repeat in May, June and now July. It doesn’t appear that the run is done yet
The power behind these patterns has also now started to show up in silver, which made new one-year highs on Thursday. As exciting as these moves are, the metals will not go straight up and after Thursday’s explosion, expect to see some minor pullbacks and consolidation. This action would mean there is more room to run to the upside. Keep calm and rally on.