Gold, Silver and Platinum are in the process of creating a new support level as they prepare to breakout to the upside. On Wednesday, the metals were under a little pressure, but continue to hold support levels and have turned higher this morning.

Market and price action have been building a bullish formation, which should take them all to higher levels. Consolidation is always the start of the next big move, which can be in either direction. However, based on the price information we have in front of us, the next big move should be higher.

Gold is still the strongest of the group, but the leadership can change anytime. There is a strong case for a continuation of the current uptrend which can take Gold to new highs. Silver and Platinum have a way to go to yearly highs, but a solid rally could do the trick. There will be pockets of resistance, but we will stay long until something changes.

Todd Horwitz
Chief Strategist