Gold and Silver setting up for a big move
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
For weeks the metals have been in danger of breaking down and reversing their uptrend. After the beating and the push down, support held and now appears to be setting up for another move to the upside.
The patterns are once again starting to show some clarity -- gold a little stronger than silver -- but both are setting up for a big move. Gold has lifted from support and shows very positive signs of another up move. Silver has narrowed into a pattern that will lead to a big move in either direction. Since Silver has held support, we expect that move to be higher.
Remember, price determines price and the next move. For the most part, news is worthless and those who trade the news always lose. News is almost always price in ahead of time. Conspiracy theories which have circulated around the industry for years are simply news, which brings us back to: price determines markets