Gold, silver and platinum going to Pluto
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Gold and silver continue to explode as if they are never going down again. We know that at some point, they will reverse the trend and go lower. Furthermore, as this rally continues, there will be some nasty sell offs from time to time. We are long Gold, Silver, and platinum (reversed yesterday morning), and have no expectations of reversing anytime soon.
Remember, markets never announce themselves and they can reverse at any time. The parabolic move suggests there is a pullback coming in the next day or two; however, until the trend changes, we will add on support. Be ready for some selling pressure, but do not get fooled, the trend is higher until it’s not.
Gold has blown out all resistance levels. The next true resistance will be the all-time highs. Silver is nowhere near its all-time highs; however, the next resistance is 25.00 September futures. Platinum, which finally broke out and reversed a trend on Tuesday, first resistance is 1000 October futures.Even though the patterns are as bullish as they can be, don’t get lazy or emotional on big movements. Metals are going up until they don’t. We are buyers on support only until the trend changes.
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