opinion

Gold bulls mounting a monster comeback

Kitco Media
By Jonathan Da Silva
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Kitco Commentaries
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(Kitco Commentary) - On Monday last week, I wrote that if the daily momentum indicator trend line broke, price would fall to the bottom of the parallel channel. That happened. I also wrote that this event would likely be a great buying opportunity.

A few trading days and a Sunday evening gap-up later, and price is just about where we were on Monday, June 8 — approximately a $600 round trip.

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If you haven't added to or started a stack of physical metal, it's never too late. Weekly momentum should be just bottoming out, with plenty of room overhead. An upward breach of the parallel channel should finally take price up to the 5k handle.

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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.