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Is there a trend change in gold?

Commentaries & Views

Markets have been crazy, with the equities in wide sweeping congestion, grains and meats appearing to be bottoming while the metals are a split decision. All products are in big sweeping congestion patterns attempting to break out in one direction or the other.

The trend in equities is lower along with the agricultural and soft commodities, with the exception of coffee, which is breaking out to the upside. In the hard-asset category, after last week’s false breakdown in gold, we find ourselves reversing to the long side. Silver and platinum remain in solid downtrends.

Gold has been a wild trade, and we are switching to the long side and will remain short silver and platinum. Already this morning, gold has seen a rally from lower to higher. This is possibly a resumption of the up move we saw before Friday’s breakdown. It appears this is a relief rally with Bernie Sanders being soundly beaten in Super Tuesday.

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.