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Gold, silver and platinum headed lower

Commentaries & Views

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.

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.