Gold price continues to move higher; silver bounces from support

New York (Feb 13)  Though the last few days have been choppy in the metal markets, the patterns have held as scripted. One thing about trading any market is price is really the only thing that matters. Silver went to $17.50 basis March futures and is bouncing this morning. Gold has been hovering mid-range and is now pushing towards the top.

This morning, the news will be covering the coronavirus and telling you the reasons for this rally today is the new issues with the virus. We will say it’s just about the price action. We have written the same thing for weeks. As if we were seeing the future, the metals have traded according to plan.

Based on the current action, gold is on pace to test the $1,600 level based on the April futures and silver may reach $17.80 in the March futures. The ratio spread between gold and silver should continue to widen, indicating silver is headed lower and gold is headed higher.

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