Gold fighting to break to the upside
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
After testing the recent lows of $1,850, December gold futures have been trying to breakout to the upside. $1,910 has been the stumbling block where gold has failed the last three days. The long-term trend is still short and failure to take the $1,910 level out, will bring gold back to $1,850 and possibly lower.
We expect the metals to continue to fail, with the downtrend continuing until it doesn't. Silver is in a similar pattern to gold with one exception, it is slightly lower. Platinum appears to be having a dead-cat bounce or a short-covering rally. In other words, the downtrend continues across all three metals.
Always remember these commentaries are based on trading the metals, not investing. Our signals change once a day, if at all. We are trend followers and always catch the biggest moves, either long or short. We are short, gold, silver and platinum.
Based on this morning's action, we will still be short tomorrow into the monthly jobs number.
Always remember the difference between a trade and investment, the two should never meet.
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