As we watch the latest developments in the metals, gold looks like it’s prepped and ready to make a run at $1,600. That level should fail but eventually gold will break through. We are looking for a test of the Jan. 8 highs, with a breakout to the upside possible.
Silver is higher this morning but still in a trend that look lower. We would be surprised if silver can get above $18 in the March futures, and we will continue to be short until something changes in the pattern. The last two weeks, silver has been in a consolidation pattern.
The simple fact about all markets is they continue to run the same patterns repeatedly. With gold in an uptrend and moving higher, expectations are that should continue. Silver in consolidation should resume the trend, which is lower.
We don’t typically trade platinum, but for those who do, the pattern looks bullish. Platinum is consolidating at support in an uptrend. There is a solid chance that platinum test the recent highs.
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.