Can gold make new highs?
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
The metals have been on a roll recently and appear ready to breakout in a big way. There are always the questions of how far they can run. Gold is within 15% of the all-time highs while Silver and Platinum would have to double to make all time new highs.
The simple answer to can Gold make new highs is yes. However, this new bull run will have to continue to rally, the next major resistance is $2,000. From a technical trading point of view, Gold is making a Cup and Handle pattern on monthly charts over the past 9 years. This is one of the most bullish patterns there is, we expect new highs this year, but this may not be the run that gets them there.
Some day we expect Platinum and Silver to make new highs as well, but they are not in the near future. The next major levels of resistance for Platinum is $1,200 and Silver $30. Those levels are very attainable soon and this rally can be the one that takes them there.
Remember, we are trading our algorithm and for now we are long across the board. That will change once again and we will be short, until then our position is long. As investors, we are holding and accumulating.
Tradier (one of our brokerage partners) is offering a 6 Session Options course starting this Saturday January 9th at Noon est.