Gold and silver breakout to the upside
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Thursday, we asked the question: have gold and silver bottomed? The markets reacted with a resounding yes with a $50.00 move in December gold and $1.20 in December silver. Platinum was higher as well but not far enough to trigger a reversal.
As of this morning, we are now long April Gold and March Silver, liquidating the December shorts. The short positions in gold and silver paid off nicely. Now that we are long gold and silver, the first support levels, we are watching March silver $25.00 and April Gold $1,940. We remain short Platinum, but a positive close would trigger a reversal there as well.
When you are trading the trend, you are looking to capture 70-80 % of all moves. Although we were able to identify the potential reversal in Gold and Silver, we still had to wait for the algorithm to confirm. We always warn about emotional reactions during the trading day, which is why our signals are confirmed on the close.
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Saturday November 7th at Noon EDT