From a technical perspective, traders are looking for gold to cross over $1205 an ounce this week for a short term rally to be confirmed. They also look for gold to hit $1225 an ounce for an even stronger confirmation of a late year rally.
Traders and investors who buy silver coins and bullion are expecting the precious metal to hit $16.50 an ounce for signs of a further rally. That price point is both technically and psychologically important for silver, which is prone to violent moves to the upside. Investors have been piling in to silver coins and bullion in recent weeks to take advantage of the bargain pricing, to the extent that the U.S. Mint recently ran out of American Eagle silver coins for delivery.
The stage is set for a year ending rally in gold and silver as gold tries to break through $1200 an ounce and silver […]