Gold’s record-setting rally may have captured the headlines, but silver is running harder and faster as the less glamorous metal benefits from financial and industrial demand.
Gold continues in fresh territory...over $2,420 new highs are probable. Targets for gold range from $2,500 to as high as $2,800. Support is now seen at $2,300, $2,200, and $2,100.
The market is back up to the old highs on a closing basis. The last rally high was $2448.80. So you're sitting here right now in the neighborhood of about $58 lower than that.
Gold’s price action is quite boring even though a bull flag may be in play. Investors should be prepared to back up their golden trucks at $2150-$2080.
The gold market is bullish at this point. Unless the market decides to come back and take out the $2337.60 level, it's staying over what I call the line in the sand.
Gold's record-breaking rally since mid-February — with successive all-time-highs reached last month — seems to have dented demand, according to Bloomberg.
