Metals: Emotions aside, nothing has changed
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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.