A short-term pullback in precious metals prices should be seen as a big opportunity to enter the market, according to a strategist at BTIG.
Jonathan Krinsky, chief market technician at the global financial services firm, said many traders believe a retracement in both gold and silver could be coming, with the metals up 29% and 35% year-to-date, respectively.
“We think we are at one of these inflections, despite their constructive momentum and trends,” he said.
Kinrsky said he is targeting about a 5 to 8% pullback in the price of gold when considering a re-entry price.
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As for silver, it “has yet to fully breakout above its May highs,” Krinsky said. “While you could argue that is still fuel to move higher, our thinking is we see this pullback into October and then you look to add into that dip in anticipation of a bigger, more durable breakout.”
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