Gold and silver look weak
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
(Kitco News) On Monday, which was a quiet day in general, the metals struggled to hold the earlier rallies. The action remains bearish with very little reason to believe the lows are in. There appears to be more room to the downside, which should take the metals to a new support level.
Gold and silver still have room to go lower and should test $1,440 December Gold futures and December Silver which is $16.50. Although we know there will be higher prices at some point, the footprints today call for lower prices.
One of the biggest keys for trader’s and investors to remember is all markets run in cycles creating patterns whether they are bullish or bearish. The metals patterns today are bearish and lower prices are on the horizon. There is no reason to buy at these levels until the footprint turns to bullish. Sell rallies until further notice.