Moment of truth for gold, silver and platinum
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
No one ever said that trading and investing were easy. Just a couple of days ago, the metals were rolling along looking to make new near-term highs without a care in the world and no doubt they were going up.
Suddenly gold, silver and platinum find themselves under pressure and fighting to hold major support. Since peaking on Monday, gold finds itself struggling to hold $1,720-$1,725 support in the August futures, silver $18-$18.10 in the July futures and platinum $850-$860 in the July futures.
These support levels are now the key in the next move. Does the rally continue or is it over? From our view, the rally should continue, but we are close to a reversal. Gold, silver and platinum have tested these major levels in the past. They should hold and the run higher should continue.
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