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From our blog

Gold and Silver Pull Back To Support

Since the overnight highs on Thursday night and Friday morning, gold and silver have both started to pull back. Gold reached $1,362 and silver $18.29. Gold is now trading $1,340 and silver $17.88. This action is healthy for the markets and should have been expected.

Markets go through different phases and when they reach a level of support or resistance, we should expect a rally or selloff. We will now watch the $1,340 level in gold as we look to be buyers. We are waiting to make sure the $1,340 level will hold to buy more.

We never know for sure if a level will hold but markets leave a valid footprint giving us a high probability opinion of the next move. Based on that information both gold and silver should hold their support levels and move higher from here.


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