Can the rallies in gold and silver continue?
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Obviously, there is no guarantee on whether or not the rally will continue. With both closing at resistance our expectations are to see a pause and more than likely a consolidation pattern to appear. The big rallies in gold and silver should continue after a period of congestion.
We remain bullish the metals expecting a run at the recent highs. However, we are expecting a small pullback from the first resistance, the action from this pullback will determine what the next move will be. The consolidation period should last a couple of days before the rally continues. We expect a test of $19.70 silver and $1,560 gold.