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Silver and gold rates have been trading rangebound, however the price patterns recommend that the steels are presently combining as well as are ready to see the next step, claimed Peter Hug, worldwide trading director of Kitco Metals.
" The truth that people are not marketing right into a market that isn't as mad as it was a month or six weeks ago suggests to me that this market is establishing for the next leg higher once we survive this loan consolidation phase," Hug told Kitco News on Wednesday.
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Gold price is flashing a 'very good sign' - Peter Hug
Gold and silver prices have been trading rangebound, but the price patterns suggest that the metals are currently consolidating and are ready to see the next move, said Peter Hug, global trading director of Kitco Metals.
“The fact that people are not selling into a market that isn’t as frenetic as it was a month or six weeks ago indicates to me that this market is setting up for the next leg higher once we get through this consolidation phase,” Hug told Kitco News on Wednesday.
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