New Year Gold and Silver Rally should continue
As we embark on 2020, a new year and a new decade, gold and silver should continue the rally that started at the end of 2019. The fourth quarter ended with a bang and closed on the highs of the quarter.
2020 looks like it will start the way the fourth quarter ended and is slightly higher this morning. Our first target is the 1566 level which were the highs of last year. Although Gold and Silver are in rally mode right now, we would expect some consolidation over the next few days or weeks. The dramatically overbought year end needs to resolve with a little congestion.
Friday January 10th could create some action in either direction with the monthly jobs report. Expect gold and silver to consolidate until then. The trend in no higher, the rally should continue. We are long and will stay there until further notice.