Gold attempting to breakout out of resistance
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Here we go again. Gold is attempting to break out of the first level of resistance; however, that does not change the overall bearish pattern. Overnight, gold traded at $1,929 December futures and has now pulled back to $1,920.
Silver and platinum had no such attempt this morning; both metals are still wallowing around in consolidation. Both remain in downtrends and should continue lower after this period ends. It appears that all metals are getting ready for the next move down.
The best indicator to use is the markets' phases, which break the stock or commodity into three phases: congestion, breakout, and blowoff. This pattern occurs in all markets, all time frames and is the single greatest indicator, helping traders and investors make the correct trading decisions.
All metals remain in downtrends and we are short them all. They will break out of this pattern, either up or down. Based on our algorithm, we assume the next move is down, continuing the long term pattern.
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