Like 90% of the markets, the metals are stuck in the slow churn of consolidation. Volume has begun to shrink in both Gold and Silver, signaling a pause in the action. Th current range appears to be 1280 -1320 showing no signs of leaving the comfort of those levels.
All markets go through a congestion phase, in fact that is where all markets are born, and the metals will breakout of this range. The big problem for traders is trying to time it, which in itself is a huge mistake. Timing markets is a fool’s game as are those who think they can.
For now, gold and silver are in a trading range, they will show a valid footprint when they are ready to move out of this range. We remain bullish long term and investors should sit tight while traders should attempt to trade the range or sit this one out.