Are you ready for gold and silver to hit new heights?
GOLD UPDATE
As mentioned yesterday, patience was required, and during the late evening / overnight session we were given another opportunity to go long around 5,000, which we highlighted as our ideal support level.
If long, we recommend placing stops at 4,950 on a daily closing basis for both short-term and longer-term traders.
On Thursday, we will be rolling our charts from the February contract to the April contract. It is very possible that by month-end, the daily chart could move toward the 5,250 area. Please note that the current price difference between the contracts is approximately $40 in favour of the April contract.
We also believe we are entering an important blow-off phase, and therefore strongly recommend using stops aligned with your risk appetite, as we expect large price swings over the coming weeks.
Key levels to watch:
• Support: 5,000
• Stop (daily close): 4,950
• Upside reference: 5,250 (April contract)
We will continue to monitor price action closely and update as conditions evolve.
SILVER UPDATE
Yesterday was one of the most volatile sessions we have seen, and price nearly reached both of our key reference levels. We previously highlighted 98.50 as the ideal level to go long (the low so far has been 102), and on the monthly chart, we identified a major resistance at 120 (the high so far has reached 117.80).
For today, support is at 102.50 (unfortunately, already tested overnight), while resistance stands at 120.
If long, all stops should now be placed at 101.50 on a daily closing basis.
The maximum upside target for this move is 127, potentially by 13th February. We reiterate that we are in a blow-off phase and expect large, fast moves from here.
Volatility is now close to 100%, and options pricing has become extremely difficult to trade due to very wide bid–offer spreads, which is not a healthy sign.
Key levels to watch:
• Support: 102.50
• Stop (daily close): 101.50
• Resistance: 119.50
• Upside target: 127 (by max 13 Feb)
We will continue to monitor price action closely and update as conditions evolve.
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