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Metals: Emotions aside, nothing has changed

Commentaries & Views

From a technical perspective, Friday’s indiscriminate selling hasn’t done damage.

Gold is still holding a clearly defined channel, shown below on a 4-hour chart. Once again – momentum seems to be bottoming with price supported.

Silver shown below on the 4-hour chart also depicts momentum bottoming with price finding support just above the breakout point, while preserving the pattern of higher highs and higher lows.

In my opinion, until technical damage occurs, scary selloffs such as that of Friday could just be buying opportunities.

Thanks and good luck.

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.