I woke up this morning to Gold and Silver getting hammered and although disappointing ,really not a huge surprise. In fact, I expected a small pullback from the highs at 1350 in Gold and Silver hasn’t broken out to the upside yet.

If you have followed me for any period of time you know we expected a retracement and had no expectations that the metals would go straight up. Markets in general don’t go straight up or down, there is always a period when they pause and consolidate or reverse. This time is no different.

The rally was perfect and barely tool out the highs from February. We are still bullish Gold and waiting for Silver to breakout to the upside and will look at this pullback as a buying opportunity. We will assign levels to buy in the next day or two as the pattern will show us a valid footprint.

Todd Horwitz
Chief Strategist