Gold, Silver trying to breakout to new highs
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
After Sunday night's fear move in gold, the market settled down and closed higher. Although the metals closed well off their highs, both gold and silver managed to close higher on Monday.
Interestingly enough both gold and silver closed at the tops of their recent ranges indicating there is a lot more room on the upside. The patterns themselves suggest the metals have room to run and we see no reason that will not be the case.
Many are calling this rally one that is being built on fear, however the move itself suggests that we are seeing the birth of a bull market in metals. There is no evidence that this rally won’t have an extended run. Now that gold and silver have reached the top end of their ranges our expectations are for consolidation at the top before the next move higher. Our next targets are $1,600 gold and $18.00 silver