Gold, silver and platinum breakout big
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
On Thursday we wrote that gold, silver and platinum were attempting to breakout, overnight and this morning they are exploding higher. Gold is up over $40.00, silver over $1.00 and platinum higher by $38.00. This has all appearances of a runaway or the final blow off to the upside.
We are long and have been so for most of this rally and will stay there with the algorithms we trade. Looking at it from a pure trader view this could be considered topping action. While we are thrilled to be long and profiting from these moves, we have some concerns.
The speed of this parabolic move will lead to a pullback, which will tell the final story. We will stay long throughout because we only trade mechanically without opinion. Our concerns are simple that, concern with expectations of a pullback. The real decision will be made after we see the expected retracement and the price action at that time.
For now, enjoy the rally.
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