Gold, Silver, Platinum Still Short
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
We were traveling Friday and were not able to write our daily report on the metals. The facts are simple, we are still short. Obviously it's not a comfortable position to be in the recent runs to resistance. However, that’s where the metals are at the top end of resistance; they could breakout to the upside or fail.
Our message has been consistent: we do not get emotional about our positions; they are a matter of fact, based on a mathematical formula, not our opinion. Can gold, silver and platinum breakout from here? Can gold run back to all-time highs?
The answers are simple. Of course, they can; on the other hand, this could fall back down and resume what the algorithm shows as a downtrend. Either way, we will be in, either long or short, until tomorrow. We will remain short across the board; nothing will be reversed before tomorrow morning.
There is a fly in the ointment today. It is a partial holiday. Banks, bonds and currencies are closed. Meaning today’s action could be false in either direction. We don’t sell tops or buy bottoms; when the trend changes, we will reverse. It’s that simple.
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