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Gold, silver, platinum consolidate for next move

Commentaries & Views

Here we go again. We are seeing another instant replay as gold, silver and platinum consolidate. The uncertainty surrounding the metals continues to have false starts in both directions, failing at resistance and rallying from support.

However, as the metals churn once again, the next big move should be lower. The trend remains down; we remain short and until the price action suggests otherwise. Trend trading is about following the price action and direction, which for now is lower.

As a reminder, we are trading the metals and the trends can change at any time. Our guide is our proprietary algorithm, which only looks at the end of the day. There is no profit in trading intraday volatility, which means we never trade or reverse during the trading day. It’s that simple.

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