Gold and silver lower
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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.