Gold and silver pullback after Monday's big rally
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Monday gold, silver and platinum all broke out sharply to the upside, reaching some solid resistance levels. Gold was just shy of $1,800, silver slightly over 27.00 and Platinum 1250.00. This morning gold and silver are seeing a small pullback while platinum retests the resistance level.
The action was not only bullish but predictable. The real key will be the next few days; gold and silver should break through their levels and see a much bigger rally. A close over $1,800 June gold and $27.20 July silver should propel the metals higher
We are looking for a much bigger rally, but of course, we must see the resistance levels taken out. The recent price action has created the most bullish activity we have seen in months. Remember, markets offer no guarantees of short-term direction. As bullish as everything is now, the action could always change.