Wednesday's rally in gold being met with sellers this morning
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
After a solid rally Tuesday and Wednesday, gold, silver and platinum are lower this morning. This action should come as no surprise; our expectations were a pullback to support. The action we are seeing overnight and into this morning is exactly that – a pullback to support.
Gold has seen a seller a few minutes every day on volume. The buyers have been able to fend off the seller, pushing gold higher. We are rolling to the August futures, making support in gold $1,740-$1,745. We would look at that level as another buying opportunity. Gold looks very strong and should test the April highs.
Silver and platinum remain in almost identical patterns – parabolic moves higher with a pullback this morning. The only difference between them is the price they are trading. We are long both and expect the rally to continue, using the pullback as an opportunity to add. The price action is bullish. We remain long and will use $17.50 in July silver and $880 in July platinum as opportunities to add on.
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