Gold popping, Silver may have found support
Here we go again; Gold looks prepped to test the 1600 level in the next couple of days basis April futures. Silver may have found its long-awaited support level. Silver held just below 17.50 March futures and looks to test 18.00.
These key levels will go a long way towards determining the next big moves in the metals. Our overall outlook is the same long gold, short silver. The patterns developing are have not changed, gold has made a rounding bottom if higher levels and silver is still pointing lower.
Many are pointing to the Corona virus, the FED and other things for the recent movement in the metals. The bottom line is simple, price action determines movement. The way we read the patterns has us long gold and short silver, until the action changes we will stay in our same positions.