For Gold it's the Same Old
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Another day off the clock gave us another day of churning for gold. If this action continues maybe gold can be churned into butter. As we have written almost every day, consolidation is one of the phases of the markets and signifies another big move coming.
The action has been consistent with a market getting ready to make a big move in one direction or the other. Based on the info we can see, the next big move should be higher. All markets go through the same phases, Congestion, breakout and blow off.
Silver is in the same spot as gold; the next big move should be higher. Both gold and silver are in solid uptrends and appear to be headed higher. Gold has support is $1,500 and Silver’s support is at $16.90; both are approaching their levels today. We will look for support to hold and a spot to buy.