Make Kitco Your Homepage

Gold Resting; Silver Continues To Run

Commentaries & Views

Gold continues in its new consolidation pattern at higher levels. The new pattern being formed in gold is the same one we have seen since this rally has begun. Every big rally has seen a pullback to support before the next big explosion to the upside.

The action is very bullish and suggests a run to $1,500 is in the near future. The simple fact that gold is making higher lows and higher highs on each move indicates this rally still has room to run. Our algorithms indicate the same; we are buyers until the facts change.

Silver has once again pushed to a new yearly high, and this rally should continue. The only concern in silver is the speed and parabolic pattern that is being formed on this latest rally. Our next target in silver is $17, although we would expect a little pullback or sideways action before the next rally begins. We are buyers of dips in both gold and silver.

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.