Gold and silver on target to test next levels
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Over the past week, we have experienced some very scary moments: the Russian attack on Ukraine, the bombing of a nuclear reactor and exploding prices in Crude. This has been one crazy week.
One might have thought the fear assets gold and silver would have exploded higher; they have not. However, gold and silver have held major support levels and look ready to test higher levels. Both are in solid bullish trends and have a long way to go if this rally continues.
The precious metals have remained steady with inflation at 40-year highs, political unrest, and war. This type of price action is more bullish than a straight spike higher and should be much stronger over time. The key to trending markets is the ability to hold critical levels.
With the metals in a solid uptrend, the key levels to watch now are $1,920 gold, $25 silver and $1,040 platinum. If these levels hold expect $2,000 gold, $27 silver and $1,150 platinum. These are the next targets and continuation of a bull market in metals
Precious metals should be owned on a physical basis with capital that is not needed tomorrow or anytime soon. Trading should be done with paper, knowing that we can trade either side without emotions.
In all markets, price action determines what will happen in the next day, week, or month. Keep the two strategies separate. The worst trade anyone can make is turning a trade into an investment hoping for a way out. Traders must learn to take their losses and move on to the next trade.
Patience, discipline, and money management always win the day. Let the map of the markets show you the way.
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