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Gold and silver lower

Commentaries & Views

Since the jobs report last Friday, gold and silver have churned back and forth; basically they have gone nowhere in a hurry. There are a couple of differences in the patterns of the metals. Gold looks to be headed higher and silver lower.

Both metals are slightly lower this morning, but the overall trends have not changed. Gold is in mid-range between the recent highs and lows, while silver is at the higher end of the range. In other words, gold can go to either end of the range while still being in a bullish pattern as silver approaches resistance.

These patterns typically resolve themselves in the direction they were headed, indicating gold should test the highs of the January panic high and silver the recent lows. In the general, the metals have seen declining volume as the equities make new highs. The fear is gone, and the metals should continue their recent trends. We are targeting $1,600 in gold and $17.50 in 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.