Gold price making a run higher

New York (Apr 23)  After the challenges on Monday and Tuesday, gold appears to have found its footing with the rest of the markets. The free fall in crude and other commodities is over and order is restored. Gold has started moving up and is breaking out of resistance and should test or break through the $1,788 June futures level.

Silver found support after getting hammered on Tuesday and looks ready to test the top end of congestion. Silver is still weak and must continue to hold support or it could get ugly. The keys to watch in silver are $15 support and $16 resistance in the July futures. Eventually, silver will break out one way or the other, for the levels are solid.

Platinum is like silver with a little more strength and a slight bias to the upside. However, the patterns are similar, and the key levels are $700 support and $800 resistance in the July futures. Platinum is setting up for a big move in either direction. We are long gold, silver and platinum.

KitcoNews