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New Year gold, silver rally should continue

Commentaries & Views

(Kitco News) - As we embark on 2020, a new year and a new decade, gold and silver should continue the rally that started at the end of 2019. The fourth quarter ended with a bang and closed on the highs of the quarter.

2020 looks like it will start the way the fourth quarter ended, and gold is slightly higher this morning. Our first target is the $1,566 level, which was around the highs of last year. Although gold and silver are in rally mode right now, we would expect some consolidation over the next few days or weeks. The dramatically overbought year end needs to resolve with a little congestion.

Friday, Jan. 10, could create some action in either direction with the monthly jobs report. Expect gold and silver to consolidate until then. The trend is now higher, the rally should continue. We are long and will stay there until further notice.

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.