Gold Closes April Above $1550

April 29, 2011 By 3 Comments

April is now in the books for COMEX gold and silver.  Not only did gold cross the $1550 level today, but it powered past the level up to and through the COMEX close.

Metals Date Time
(EST)		 Bid Ask Change Low High

GOLD 04/29/2011 13:33 1557.30 1558.30
+21.50
+1.40%
 1535.30 1558.80

We had expected gold to correct ~$25 back to $1535 once it reached $1560, but today’s price action in gold has us rethinking this.
Gold looks like it may want to over-extend its run towards $1575-$1580 before consolidating for its assault on $1600.
Look for gold strength next week to pull silver up to and through $50 like a magnet.  Once silver clears $50.35 and sustains the move through two consecutive closes, we look for silver to shoot towards $60.
That blasted Citibank 21 months 0% APR card better arrive soon.

UPDATE*  Gold’s melt-up continues in after-hours Globex trading, last touching $1563.70

UPDATE 2* And $1570.60, before closing access market trading at $1566.70.


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Comments

  1. Anonymous says:
    April 29, 2011 at 2:18 PM

    The Morgue must be working overtime to keep silver flat today while gold vaults up $35!

  2. Heron says:
    April 29, 2011 at 2:47 PM

    That sure is what it looks like.

  3. Anonymous says:
    April 29, 2011 at 6:02 PM

    what the heck happened to silver this afternoon?

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