Kitco News , Monday, Mar. 11TH, 2019 – What did Friday’s rally in gold and silver mean? Was it the lousy jobs number? Was it the weakening economy or global weakness? The rally was as simple as the markets were oversold; it looked like they found support at $1,280 and bounced.
Many experts will try and give you numerous reasons as to why there was a rally, but the rally was an oversold bounce from support and nothing else. The metals found support around $1,280 last Monday, consolidated and bounced; it’s that simple.
The bigger question is now what? Our expectations are another retest of the $1,280 area and more consolidation before deciding the next big move. We expect the next move to be higher; however, we don’t expect from here. The healthiest action would be a churn for a couple of weeks followed by a move up.
Posted By :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com