Gold Market Set For "Explosive" Rally
(Kitco News) â€“ Gold has another rally up ahead, according to Todd Horwitz, chief strategist of BubbaTrading.com.
â€śEverything is setting up for another big up-move [in gold] and the next big test will be to take out $1,450. If we can get through $1,450, I think weâ€™re on our way to $1,500,â€ť he said.
Spot gold last traded at $1,444.70 an ounce on Thursday.
On silver, Horwitz said prices are in for a bid if key levels are broken
â€śIf this breakout can continue, we can clear $16 or $16.20 [an ounce], then I think weâ€™re on our way to $17 and then if we can get through there then I think youâ€™re on your way to $20,â€ť Horwitz told Kitco News.
Horwitz noted that silver has been undervalued relative to gold, but markets have taken notice and pushed prices up recently.
â€śIf you look at the two charts side by side, silver looks like it ran out of business compared to gold but all of a sudden, silver has caught a bid and it looks like it wants to go higher,â€ť he said.