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Gold makes new high, pulls back silver and platinum charging

Commentaries & Views

Gold printed a new high overnight and has pulled back to Monday’s levels. The high in the June futures was $1,785 Monday night around 11 p.m. EDT. Gold since has pulled back, trading as low as $1,758. Our first target of $1,790-$1,800 in the June futures is in play, which includes a run over $1,800.

Silver and platinum are charging higher this morning, with July silver futures trading at $16.25, around the high of the overnight trade. July platinum is breaking out with July futures trading $791 on the way to $800. Silver and platinum remain strong and could reach our targets today.

The metals all look strong and are showing no sign of weakness. The patterns are powerful, and we see no issue in reaching our first objectives. We know that things can change at a moment’s notice, but based on what we can see now, we expect the rally across the board to continue. We remain long and look for the new highs to continue.

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.