Gold, silver and platinum flying higher
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Monday was an ugly day in metals, especially for gold. It was apparent early in the session that gold was in for a long day and had little chance of going higher. Of course, that was precisely how gold traded, down all day trading in a range at the lower end.
This morning is an entirely different story; gold is up 16.00 based on the February futures, which is the mirror image of Monday. We are long and expect a rally; however, since we became buyers about a week ago, gold has struggled. We will stay long because our positions are determined by our Algorithm.
Silver continues to churn in a tight range; we are short but close to reversing. We will not act early as we wait for confirmation, but it does look like the bottoms are in. Silver has been in more of a consolidation range than anything else. A big move is expected; we expect lower based on our position but would not be surprised if it were higher.
We are long Platinum, and the trading action has been bullish right down to the small pullbacks we have seen the last few days. We look at dips in an uptrend as buying opportunities. For now, we are buyers on dips in Gold and platinum. silver, we are short but will not be aggressive as it looks very close to changing.
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