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Contributed Commentaries

Gold holds support as silver searches for bottom

Todd 'Bubba' Horwitz

Kitco Commentaries | Opinions, Ideas and Markets Talk

Featuring views and opinions written by market professionals, not staff journalists.

Commentaries & Views

Gold and silver are working in opposite directions. After Tuesday’s sell-off, gold is finding support. At the same time, silver is desperately searching for a bottom. Both metals appear to be in a little trouble here, but silver is very weak and, in our opinion, has become a short.

As of this morning, we are long gold, short silver and looking for the current patterns to continue. The patterns are clear for now as there appears to be no interest in silver as it continues to break support levels. Gold has held the major levels and looks to be in position to test the recent highs.

There is always a possible issue that can arise that could disrupt these patterns. Today at 2 p.m. EST, the Fed reports a decision on interest rates, which should be a big nothing. However, the Street will be dissecting every word looking for clues. For now, we expect the status quo.

By Todd 'Bubba' Horwitz

Contributing to kitco.com

Contact Bubba@bubbatrading.com
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.