Is there a trend change in gold?
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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.