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Contributed Commentaries

Metals continue the frustrating grind

Jonathan Da Silva

Kitco Commentaries | Opinions, Ideas and Markets Talk

Featuring views and opinions written by market professionals, not staff journalists.

Commentaries & Views

Today is trading day number 16 of sideways price action in gold. The sooner bulls get a daily close over $1,935, the better.

Silver was unceremoniously and suddenly sold at the New York open yesterday. Still, it recovered the losses intraday in a display of bullish resilience. Platinum continues to fail at $1,000 resistance; a move lower toward the $935 area may be next, should bulls fail to take the metal back into the four digits soon.

US equity index futures seem to be opening flat today after yesterday’s green candle. The chart below displays a trendline on a 5-hour timeframe that, when broken to the upside, should lead to the continuation of a move higher toward all-time highs. Of course, further grinding in the current congestion area may be required first.

The upcoming FOMC minutes and Fed president speeches maybe provide the catalyst for continuations in current trends.

Thanks and have a nice day

By Jonathan Da Silva

Contributing to kitco.com

Contact jdasilva@kitco.com
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.