Silver exploding, Gold higher and Platinum trying to reverse trend
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Well, well, well... silver is exploding making six-year highs this morning. For months we have been talking about this type of move in silver as we look for this rally to continue. For now, there does not appear to be any slowing down. The next real resistance should be around $21 September futures. Our next big target is $25 September futures.
Gold continues to push to highs not seen as the all-time highs in 2011. Like silver, our expectation is for gold is all-time new highs. The next resistance will be around 1855 December futures. Based on the current pattern is setting up for another breakout to the upside. Obviously, we never know for sure, but based on the information, we can see this rally has a lot more room to run.
Platinum continues to be the weak sister; although it is rallied the last couple of days, the trend is still lower. At the time of this writing, platinum is trading 870 October futures with major resistance around 900. There are some reasons to believe that the trend in platinum will reverse and we will get long platinum along with gold and silver. We do not predict we just play the algorithm which takes out emotion and guesswork.
We are now offering a comprehensive commodity report
Technomental Commodity Report comes out Wednesday evenings and provides comprehensive fundamental and technical coverage of most commodities that trade on the futures markets in the US and UK, as well as stocks, bonds, and digital currencies.
There is a summary report on Friday after the markets close, and robust quarterly reports on each of the six commodity sectors and a general overview that recaps the past three months and offers projections and suggestions for the next quarter.
Andy Hecht, the author of the report, has been a commodity trader since the early 1980s and has vast experience in markets across all asset classes.
Sign up here:
Bubba Trading Technomental Report