Gold joins silver, breaking down
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Gold has now joined silver’s party and is breaking down this morning. After holding support for the last couple of days, gold is under pressure this morning. The big question is if this is the final blow-off down or just the beginning of a much more significant selloff.
We do not predict markets into the future. We trade the patterns we have in front of us, looking at support and resistance levels, one at a time. As you know, we have been short all metals since the beginning of August and that trade has paid off handsomely.
With gold and silver falling lower, platinum is next. A close in platinum at $860 January futures or lower would signify a breakdown there as well. As our algorithm remains short, we do not predict markets. We play the mathematical edges that are built by the algorithm.
For now, it is down they go, key support now in gold 1850 December futures, $23 December silver, and 825 January platinum. In other words, we are short, staying short until it is time to buy.
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