After consolidating in a tight range throughout the overnight Asian and London sessions, gold and silver have gone vertical on the COMEX open, with silver making a .50 vertical move north through $32 to $32.27.
Gold has moved well off strong support at $1700 to $1715, and is targeting $1725.
*Update: silver has now broken through cartel capping at $32.25, and run nearly to $32.50 before currently pausing with a last of $32.43.
Once again, $31.60 holds as support, and silver is now back above $32.Look for cartel capping to re-emerge between $32.20-$32.30, as silver was capped nearly all day Thursday at the level.
Gold held at $1700 overnight, and has also made a vertical move back to the top of Thursday’s trading range. Look for cartel capping to emerge between $1715 and $1720 in gold.
While percentage wise this morning’s moves are small, they are significant in that they will likely ensure gold closes the week above $1700, and silver above $32, preventing a further escalation to the sell-off early next week. With options expiration behind us, gold and silver should be clear to resume their up-trends soon.