opinion

Gold: the real crystal ball? UPDATE

Kitco Media
By Jonathan Da Silva
Published:
Updated:
Kitco Commentaries
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Featuring views and opinions written by market professionals, not staff journalists.

The weak inflation numbers and the reaction in the USD speak for themselves (you may want to read yesterday’s short piece if you haven’t).

Having gapped gold up following the CPI print, bulls would aim for a weekly close above $1,810 -15 and $20.95 for silver.

Stocks are pushing higher again today in the face of the many, many calls for at least a short-term top. The pain in stocks is still higher, in this trader’s opinion.

The chart we have been showing is updated below:

With the daily stochastics finding support at the upper boundary and today’s breakout to higher highs, a test of the 200 dma (blue) remains the extended target, especially if today’s intraday gains stick into the weekly close.

Thanks and have a great day,

Kitco Media

Jonathan Da Silva

Jonathan Da Silva developed a passion for hard money and economics from a young age having been influenced by family who sought to teach me that "nothing is free", and the importance of intrinsic value early on. My interest in markets grew keener during the great financial crisis of 2008; leaning on family with vast trading experience, I began to self-educate on technical analysis and economics- drawing inspiration from the works of individuals like W.D. Gann and Adam Smith. I have been a proud member of the Kitco team since 2017 and hope that my writing inspires readers to consider an objective view of the metals, and the greater financial markets.

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