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June gold futures last traded at $2,422.60 an ounce, up 0.20%on the day; meanwhile, July silver futures last traded at $31.81 an ounce, up 1.74% on the day. “Silver has made incredible gains over the past fortnight, and it does look overbought at current levels. That would suggest that some profit-taking could come in now. But traders would have to be very brave or foolhardy to short a market moving this way,” he said in a note Monday.
Analysts note that silver is finally outperforming in the precious metals sector as it is attracting significant attention as both a monetary metal and an industrial metal. Copper’s move to a record high above $5 per pound is creating some solid momentum for silver. As to what levels traders and investors should watch, Julia Cordova, Founder of Cordova Trading, said that gold needs to hold $2,352.70 on any major correction.“The daily measured move is now $32.785, and the weekly targets are $34.835 and $35.69 . $29.855 is the magic number that bulls want to hold on any pullback,” she said in her weekly report Sunday.
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