Gold Lower, Silver, Platinum Higher
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
The Independence Day holiday is over and markets are resuming their regular trade. Equities are exploding to the upside and the metals are mixed with gold lower, platinum and silver higher.
Gold, we have written the last couple of days, should consolidate somewhere around the $1,780 level in August futures before making a run to new highs and possibly all-time. The action remains bullish even with some selling pressure; $1,770 is the critical level that gold needs to continue to stay above.
Silver and platinum are both higher this morning; however, they are going in opposite directions based on their longer-term trends. Silver is broken out to the upside and looks ready to test $19 September silver and possibly take out the yearly high. Platinum is trending lower and should fail at 850 October futures should this rally continue.
Based on our algorithms, we are long gold, long silver, and short platinum. With the current action, we expect much higher highs in gold and silver and lower lows platinum.
Saturday Micro Mini Recording: Saturday did a great webinar on our micro mini futures portfolio models. I have attached the recording for your viewing pleasure.