Gold, Silver Ready To Pop Higher
For now, gold and silver appearto have put in at least temporary bottoms. For the next few weeks, we wouldexpect the metals to rally or at worst case hold the recent lows. There are noguarantees that the lows are in, but we would only be long at these levels.
Gold should make a run at $1,200,$1,220 and then $1,240. The $1,130 level is still lurking out there, but theaction is turning from bearish to bullish. There is a ton of data this week,including the Fed minutes on Wednesday. It's always amusing how markets willreact on data that is six weeks old.
With the trade wars looking likethey are going to settle, and the meltdown of the emerging markets, thereappears to be no better time for a nice bounce in both gold and silver. We willuse $1,160 as our puke point to exit if this rally starts to fail.
Contributing tokitco.com
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