Equity markets are exploding once again this morning. The news is that China is going to cut back on tariffs, which should be good for agricultural markets. The metals are slightly higher this morning, but nothing has really changed the levels we are watching.
Gold is off earlier highs but as we wrote yesterday, it is at a great support level and should go higher. Gold is poised to test the recent highs. Silver is higher this morning but should fail at about $17.80 based on the March futures.
Markets are offering some clarity on what happens next. The fear trade is over, and the metals should resume the trends they have created. The trend is split, with gold headed higher and silver lower. Watch for $17.80 March silver to sell and $1,555 April gold to buy. Until these patterns change, this is the way we will be trading them.
2020-02-06 12:53:00Z
https://www.kitco.com/commentaries/2020-02-06/Gold-and-silver-higher.html
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