Gold and silver breaking out; platinum at resistance

New York (Apr 6)  As we begin a new week, after the brutal jobs number on Friday, gold and silver are attempting to break out to the upside. At the same time, platinum is higher but struggling to get through resistance. For the last couple of weeks, we remained cautiously long with concern that the metals looked weak.

Because markets never announce themselves, we have been playing the trend, which remained higher. Now the metals are picking up momentum, attempting to break out to new levels. Gold is looking to test the recent highs at just over $1,700, silver’s next target is $15.50, and if platinum can break out, we will be looking for $800.

There are and have been many reasons to believe the metals are going higher; however, they have struggled to move higher. It appears all negative issues in the metals have been resolved, leaving room for a sizable rally. We remain long looking for a test of the recent highs in gold and higher resistance levels in silver and platinum.

By 07:26am EST spot gold spiked $23 to $1,640, while spot silver was up more than 1% to $14.59.

KitcoNews