While gold does continue to trade a big choppy range of $1,775 to $1,850, the rally of the past two weeks is impressive. Gold has based a bottom and it looks like gold traders are finally coming to terms with all the inflation data out there. Rates are moving higher, and gold has been climbing higher also. The next breakout above $1,850 is likely, in my opinion, to move prices back to challenge $1,900. I also believe that once gold moves above $1,850 that it will begin basing a higher low. In the range of $1,850 to $1,900.

Platinum is coming back to life also. A move above $1,100 is in the cards. It seems to be a good value between $1,010 to $1,020 April basis. Platinum will have an easier path forward than silver, but once silver starts to move it will be very fast, probably a $1.00 at a time.

Energy prices are very strong. Interest rates are moving higher and there’s still too much cash out there. It’s about the money supply and gold and other precious metals have to move higher too!

Gold Apr ’22 Daily Chart
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Frank J. Cholly

Senior Market Strategist

Frank is a swap registered trader who brings his clients more than twenty-six years of commodity futures experience. He was a member at the Chicago Board of Trade for 10 years where he filled orders in the grain and financial pits. Frank was also a Lind-Waldock's floor manager for ten years and later joined on as a commodities broker.

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