New Year gold, silver rally should continue
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
(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.