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Gold attempting to breakout out of resistance

Commentaries & Views

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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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.