Gold and silver seeing weak rally
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Here we go again; gold and silver are higher. The rally is weak, without conviction, with a greater likelihood to fall apart before the day is over. The way the markets look now, Gold and Silver have a lot more room on the downside.
We expect a big rally at some point soon, which will create another selling opportunity. This one of the ugliest patterns any market could go through. We will use February Gold futures for the levels we assign; $1,750 February looks like it may get here faster than initially believed. For silver, we will use March, where we are expecting $22.00.
Platinum remains strong and headed higher with the next resistance level of 1000 January Futures. For months we have held short positions in gold and silver. Other than the first day, the upside has not been threatened, indicating how weak the sector is. Until proven otherwise, sell rallies in Gold and silver, Buy dips in platinum.
Happy Thanksgiving to all.
Futures and Commodities with Andy Hecht and Technomental: Our webinar on Saturday was fantastic, here is the recording2020-11-07 Techno Mental Futures and ETF Recording