Gold prices hold $1,700 yet again
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Another day that gold futures look ready to break to the downside, another day it holds the key level of $1,700 in the June futures. No matter haw bad gold looks, no matter how many sellers show up to sell, the trend remains up until it does not. We can think of many reasons why it should not, but at the end of the day, gold has held support again.
The recent action we have seen in the metals has been ugly, the news has not been favorable, but here we are sitting at support across the board. This is the time when those who understand the overall trend make money and those swayed by the news get whipped around. Trading and investing are about understanding the market and making sure you are with the long-term trend, and those who do not lose money.
Gold , silver and platinum are all in uptrends. We are long across the board and will stay there until there is a reason to change. From a technical standpoint, there is no reason to change. Those who try and predict the next cycle come and go, while those who can be patient and disciplined to follow the trend become winners. As long as gold holds the $1,680-$1,700 June futures level, silver $15 in the July futures and platinum $750 in the July futures, there is no reason to be anything but long.
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