Gold and silver prices hold key support
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
On Monday, gold was getting hammered, once again in danger of reversing to the short side. Miraculously, gold turned and rallied back to almost unchanged. Gold is in wide sweeping consolidation, suggesting a big move in either direction. We are long but are more fearful the break will be down based on the negative movement withing congestion.
Silver, like gold, held major support, actually closing positive on the day. The key level in silver is $17.50 in the September futures. Silver also looks very negative within the congestion pattern its trading; however, we remain long. Platinum had a huge reversal on Monday as well, but we remain short.
Remember, the most important thing in trading and investing is the price action and the key levels. Gold and silver remain long although not looking good, but we will wait a signal change from our proprietary algorithm. Platinum remains short with $870 in the October futures being the key resistance. Trade with no emotions and a reason other than the news to enter, exit or reverse; you will be a better trader and investor.
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