Gold, silver, painful but bullish

  • 06/11/2021
  • Source: Kitco
  • by: Todd 'Bubba' Horwitz
Gold, silver, painful but bullish
All week we have been writing about the pain of congestion; Thursday was the tip that, although consolidating, the trend is bullish. With gold and silver sitting in tight ranges and a couple of things have developed, higher lows and solid bounces off support.

Silver is slightly more bullish than gold right now and has a chance to break out to the upside today. If you look at a chart, you can clearly see the significant resistance level at $28.50. If silver can break above, we could be off to the races.

Although gold is in a similar pattern and is making higher lows, it also appears to be making a new resistance level at 1900. The same action applies to gold. If it can break above $1,900, gold can go a long way.
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