Make Kitco Your Homepage

Gold Bulls Party On

Commentaries & Views

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.

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.

Precious Metal Charts

Follow Kitco News