Gold, silver and platinum stuck in a range
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Absolutely nothing has changed as gold, silver and platinum are stuck in neutral, trying to decide which way to go. It reminds me of the Bugs Bunny cartoons and Elmer Fudd saying: “which way to go, which way to go.” This pattern will resolve itself. The only question is, when?
Believe it, or not all markets are stuck in ranges like the ones we are watching right now. Only the price action will tell us which way they are going when they go that way. If you are trying to time the metals, you are basically flipping a coin for big money. The only way to trade this is to let the markets decide and then participate.
The ranges are narrowing noticeably clear. Gold based on December futures has support at 1940 resistance at 1970. December silver reports $26.50 resistance $27.50. January platinum has a little more movement than gold and silver; support is 925 and resistance 975.
If you are trying to trade off the news, you will lose money. Congestion is the time of most uncertainty; picking any direction is a fool’s game. The metals have been in a downtrend, we remain short, knowing a much bigger move is coming.
On Saturday September 12th we presented our Equity Portfolio models. Here is the recording from the event
Equity Portfolio Management