Gold, silver and platinum breaking down again
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
We witnessed a panic sell-off on equities, grains, and Metals Wednesday. Gold and silver broke hard, violating and closing below significant support. Our new targets are no longer in play and all rallies are meant to be sold. Platinum has been weak but has not violated the critical support level yet.
The selling should continue; there will be sharp rallies, which will be an opportunity to sell more. Based on the current price action, we could see gold and silver could accelerate through our next targets: $1,850 December Gold and $23.00 December Silver. January Platinum remains in a range between $860 and $900.
Many will be trying to bottom pick these markets, which is a fool’s game. Until the trend changes, there is no reason to be long the metals as a trader. Remember, investors should not worry day to day and understand that the selling will eventually end, and the metals will be higher. However, as a trader, we remain short.
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Saturday November 7th at Noon EDT