Precious metals markets appear to be gearing up for another leg higher. On Thursday, the metals complex rose sharply across the board. Gold gained about 2.5% while silver packed on nearly 4%.
Both of the monetary metals showed signs of breaking out of the sideways trading ranges they’ve been stuck in over the past four weeks. Silver price closed solidly above its 50-day moving average for the first time since late February.
Bulls will be looking for confirmation with strong weekly closes today and then follow-through early next week.