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Gold at support, silver breaking out and platinum breaking down

Commentaries & Views

Metals remain the most interesting market in the world at this moment. Gold, silver and platinum are all going in different directions. The next few days will go a long way in determining the next big move that we expect to see in all three.

Gold continues to be the strongest and appears ready for a major breakout to the upside once again. After consolidating three months, gold has broken out the upside, now targeting $1,800 and more in the August futures. This rally could be powerful enough to take gold to all-time new highs. However, we first must close over $1,800 and continue the current trend. We remain long and will add on pullbacks to support.

Silver is now been consolidating for the last month after its last breakout in early May. The action is bullish, and silver is now trying to break out to the upside once again. We are now targeting a little over $19 in the September futures but realize that there could be some pressure initially to break through $18.20. We are long and watching closely waiting for the breakout to add to our position.

Platinum is a mess and looks to be headed significantly lower. The downtrend started from a blow-off high on May 20. The $800 level is major support for platinum, and failure here brings $700 to $750 in the October futures into play. We are short platinum and would sell more at $850 in the October futures.

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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.