opinion

Metals: Room to run

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

To follow up on yesterday’s piece:

Silver broke out to the flat side of the triangle; triangles like to break to the flat side. Silver is shown again below on the 4-hour timeframe. Yesterday I noted how momentum was turning up, as the price was preparing to break out. Now it looks like there is still quite some room for momentum to fulfill its natural upward path, along with price.

Note how the price back tested the breakout, as I suggested gold was doing on the daily timeframe, just yesterday morning,

Another look at gold on the daily timeframe below:

The breakout looks successful and bulls have the momentum with lots of room to push forward, in my opinion. A test of $2075 spot on the next leg up would not surprise me.

Thank you and good luck.

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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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.