Gold, silver and platinum short, equities long
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Equity markets have started to breakout to the upside while the metals remain in a downtrend. There is some market exuberance after President Trump was released from the hospital on Monday. Gold, silver and platinumalso reversed from Monday’s lows to rally. However, we remain short the metals and will not be reversing today.
The story on Monday’s rally runs a little deeper than just a typical rally. The pressure on Bonds and the Dollar was enough to help the metals rally. With a FED minutes to be released Wednesday, it appears that markets are looking for some dramatic action from the clueless gang at the FED. Although we could speculate, we will stay the course of the trend and general price action.
This morning Gold, Silver and Platinum are under a little pressure. They all should continue the downtrend heading back to their support levels. Levels to watch in December Gold 1875 -1850, January Platinum 875 -850, and December Silver 24.00 -23.5. Obviously, this can change any day; for now, we assume lower.
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