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Gold breaking out, silver trying and platinum still weak

Commentaries & Views

Gold is in the process of breaking out and certainly has brought $1,800 in the August futures into play. After being weak for the past month, gold found buyers and looks ready to make a big run to the upside. We have managed to stay long throughout the entire move, although there were some scary times. We can now see potential for all-time highs in gold.

Silver is a similar look to gold, looking to break out to the next level. Although all-time new highs are not in play, at this time $19 in the September futures is. If silver breaks out from here, we would expect an extended rally that could take silver to as high as $21. Obviously, we do not predict markets. We use price action, and we remain long.

Platinum continues to be weak but is making an attempt to change directions once again. We are watching the $875 October futures level very closely. If platinum can reach those levels, it could also become bullish. The first level that we will be watching in platinum is $860 resistance in the October futures.

One thing to remember always is the only important thing to watch as a trader or investor is the price action that is created during market movement. News and other events are usually priced in the markets well in advance of the actual event occurring.

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