Gold and silver popping
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Featuring views and opinions written by market professionals, not staff journalists.
As gold and silver consolidate in a range both appear to be attempting to breakout this morning which would set them up for more new highs. This is the pattern they are in: a big rally, settling back into a consolidation level at support and then a breakout to new highs.
This ties into the phases of the markets which are consolidation breakout and blow off which is exactly what we continue to see in gold and silver. The trend is up, the next run should take gold to $1,600 and silver to $19.00 for the next round of co4nsolidation.
Support in gold and silver have established themselves at solid levels, $1,525 gold and $18.10-$18.20 silver. Those levels should be used to be buyers. There appears to be no sell off in sight although we do expect pullbacks to support as we expect the rally to continue.