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Gold and silver rally back on

Commentaries & Views

Gold and silver are showing us how much power there is behind this rally. They have been very consistent with the patterns that they are trading showing us that there is more than likely more buying power to come.

After Thursday’s weak action, which was expected, gold, silver and platinum have rallied back today. Gold printed an all-time new high overnight 2005 December futures and looks ready to break out again. The ascending pattern suggests a move to between $2,100 and $2,200 in December gold futures.

Silver not quite as strong as gold for the moment is consolidating while holding support perfectly. Expectations are for the rally to continue in silver should at least test 28 the $30 level September futures. The critical level to watch is $23 to $23.50 in September futures, which should be a level to buy.

Although we are now long platinum, it still is not built the strength and power of gold and silver. $900 October futures are the key levels to watch or platinum reverse back the short. For now, we are long across the board looking to buy support levels.

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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.