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Gold hovers at support; silver turns bearish

Commentaries & Views

The metals continue to struggle as they try to resolve Monday’s spike highs. Trading action has been weak, especially in silver and platinum. The current action suggests and has been confirmed bearish in silver and platinum; gold is hanging on as the lone bull.

Patterns don’t change that often; our algorithms are designed to withstand quick movements by not being too aggressive on artificial movement. Silver never really caught bull fever. Although we have been long for a couple of weeks, we continued to warn that it didn’t look great.

Here we are with silver and platinum both turning to shorts, which means the longer-term trend is back in play, which is lower. Gold looks weak but managed to hold and could turn any day. If gold closes lower today, it will trigger a sell signal, which is consistent with the overall pattern.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.