Gold first edged above $3,000 on Friday and did so again yesterday. On both occasions it was unable to hold above this key level, closing below here on both occasions. Could things change today? It’s certainly looking possible.
Gold nudged back above $3,000 in the early hours of this morning and has steadily pushed higher ever since, registering a fresh record intra-day high of $3,028 on the European open.
Source: TN Trader
Silver has also made significant gains this morning, nosing back over $34 per ounce. But it still has its work cut out to break above October’s highs, just below $35. That is silver’s next target. And it will want to take out this level sooner rather than later in order to boost bullish sentiment if it is to have any chance of taking out its own all-time high from 2011, just shy of $50.
It certainly feels as if the path of least resistance is pointing north for now, particularly with gold. However, it shouldn’t be a surprise to see a downside correction at some stage. If so, traders will want to see if $3,000 can hold as support on any pullback. If so, then the odds will favour further gains.
