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Gold and silver under pressure

Commentaries & Views

As expected, gold and silver are under pressure once again. We have been writing for weeks that the metals appear to be headed lower. The trends in both gold and silver are lower, which brings lower levels into play.

The next targets for the metals are $1460 gold and $17.00 silver. Our expectations are not for an immediate crash to those levels, before we can see any chance for a reversal. We also have lower targets in mind, but watch the charts one level at a time.

We are looking for continued action that we have seen over the last six weeks, which consists of lower highs and lower lows. The resistance levels are solid at $1,500 gold and $17.70 silver. As the markets continue lower the resistance levels will continue to fall. We are short and bearish gold and silver.

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.