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Gold, silver and platinum trying to move higher

Commentaries & Views

Gold and platinum are basically flat this morning and silver continuing to break out. In the overnight trade, they were all higher and have slowly pulled back to the unchanged levels. Gold and platinum are on both around flatline while silver is higher.

Gold continues in wide sweeping consolidation with solid resistance at $1,775 and strong support at $1,700 in the August futures. We remain long in gold with no clear sign of change anytime soon. We would expect support to hold and the rally to continue.

Silver has separated itself from gold and platinum with a solid breakout with new three-month highs. Although silver was much higher overnight, it has pulled back from the highs it appears to be coming back to support at $18.50 in the July futures. We remain long and look for the rally to continue.

Platinum has been the weakest of all but solidly in congestion. The $850-$900 July futures levels are strong. We would expect the next breakout to be higher and remain long. Platinum’s false breakout last weak is our only concern.

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