Gold, silver and platinum headed lower
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
After a solid run higher, the metals have started to turn over and now find themselves under pressure. The rally attempts are weak and should be sold. Last Friday was the breakdown of the metals, indicating the highs are in for now and rallies to resistance should be sold.
From a straight technical perspective, the action is weak and looks to be headed lower. In concert, gold, silverand platinum have returned to trading in sync with one another. For a few weeks, they had separated, with gold bullish, silver trying to go higher and platinum under pressure.
For now, the metals are in a downtrend, which can last for a short or long period of time. We will play the short side of these markets until proven otherwise. We will be sellers of rallies at key resistance levels. We will sell gold at $1,605, silver at $17 and platinum at $880.