first majestic silver

Gold looking to break out; silver at resistance

February 18, 2020

New York (Feb 18)  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.

KitcoNews

Gold Eagle twitter                Like Gold Eagle on Facebook