Gold, silver attempting to reverse trend
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Thursday, gold and silver tried to rally; although they finished higher, the rally was weak. This morning gold and silver are higher once again, making another attempt to reverse the trend. Gold must close above $1,860 February futures for a potential reverse; silver has to close above $25 March futures.
Once again, the current rally looks weak and more like a selling opportunity than a potential reversal. We will not act either way today. We will be short until at least Sunday night when the futures markets open. We do not get involved with the emotions during the trading day. All decisions are made based on closing numbers.
Platinum remains strong on its way to $1,100 and higher. Platinum has all the makings of a huge, big market rally, which could lead to significantly higher prices. We only look at one level at a time; our next target is $1,100 in January futures. Stay away from news and emotions and let price action guide you.
Futures and Commodities with Andy Hecht and Technomental: Our webinar on Saturday was fantastic, here is the recording