Gold And Silver Prices Heating Up

London (Nov 20)  As we have written many times before, markets never announce themselves. Having been bullish gold and silver for the last couple of months, it is no surprise that those markets have been strong, holding support levels. The surprise on Friday was at 12:48 p.m. EST as both metals took off to the upside, making monthly highs in a matter of minutes, with gold printing $1,297 and silver $17.38.

Many will look to the weakness in the dollar as the reason for the rally. However, these charts have been building support and trying to rally and are now set to make a run at two-month highs. We would expect silver to challenge $17.70 and gold $1,320 before experiencing a small pullback.

The metals look strong and should be bought on every pullback at support levels. The equity markets are starting to weaken, as is the chase after the cryptocurrencies, which should bring strength to the metals. Imagine the power the metals would have if anyone took the geopolitical issues seriously.

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