Gold, silver and platinum push higher
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
The huge rally in metals rolls on; there seems to be no stopping them. All three are in the blow-off phase, and the buyers are suffering from FOMO (fear of missing out). This pattern and the huge rallies will end; however, this has triggered a buy signal, making us bullish in gold, silver and platinum.
We have been bullish gold and platinum all the way up and have added silver to the fray. We will be looking for a pullback to support levels to create additional buys. Silver was the last to confirm an up move, and depending on how the patterns develop, the possibility exists for a major bull market.
Looking into the future, we would like to see a small pullback followed by an extended period of consolidation. This type of action would be the best for a bull-market run. If the metals continue at their current pace, they are doomed to fail. Support levels are March silver futures, $18-$18.10; April gold futures, $1,590-$1,595; and April platinum futures, $990-$995.