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For Gold it's the Same Old

Commentaries & Views

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.

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.