Gold and silver prices spike, but can the rally last? Jim Wyckoff on the long-awaited bull market
Momentum has shifted back in gold and silver’s favor for now, said Jim Wyckoff, senior market analyst at Kitco News.
“When we last talked, the markets, both gold and silver, were in a near-term price downtrend. Remember, we talked about key support levels that had to hold to keep prices from accelerating to the downside and those key price support levels, technical levels, did indeed hold,” Wyckoff told David Lin, anchor for Kitco News.
On silver, Wyckoff said that the silver market has simply been following gold’s price.
Wyckoff added that this rebound is likely to continue in the short-term.
“The charts suggest that they will [continue moving upward] on a near-term basis. Right now, with the upside breakouts we’ve seen on the daily charts, now the price action we’ve seen in silver, the path of least resistance is sideways to higher,” he said.