Gold, silver and platinum go nowhere fast
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
As the year winds down, gold, silver and platinum remain in uptrends but have found the torture of consolidation. For the last couple of weeks, all attempts to break out to the upside have failed, but support continues to hold.
There is virtually no doubt that gold, silver and platinum will be in uptrends as 2021 kicks off. The big question here: will they be able to break out to the upside and run to new levels. No one knows that answer for sure, but we will assume that the uptrend will continue until our algorithm changes.
Platinum is the strongest, followed by silver. The distant trailer is gold; however, no one knows what tomorrow will bring. Because of its overall thin volume and lack of real liquidity, platinum is the most likely to break out to the upside first. However, platinum is at resistance and could just as easily fail from here.
Silver is a strong second place to platinum, but looks destined for the biggest percentage gains in 2021. Gold should be steady and breakout to the upside. The metals look good in general and the fact that they are holding strong at support is a good sign that they will move higher from here.
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