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Gold looks like it may break today

Commentaries & Views

With the metals in consolidation all week with clearly defined trends, Gold and Silver lower and Platinum higher. Gold and Silver are testing a key support level, which could lead to another black Friday.

With Gold in a downtrend and the tight trade we watched all week, it has the makings to break through support and get hammered. There is no guaranty it will happen today but based on our position, which is short with the algorithm and the recent price action, a big down move is coming.

Silver looks bad as well but has a little more room on the downside before real trouble arises. We are short Silver, which is lower today, but it looks like it has a better chance to hold before falling hard. We are still long Platinum with a lot of room to the upside. This Platinum is pulling back from resistance before it breaks out to the upside.

Obviously, we can’t predict the future, we can only watch the price action and be positioned with the trend. We are sellers of rallies at resistance levels.

Here is the recording of Options Training Session 1 – The Basics. We have also included a registration link for session 2 on Saturday January 16th at noon est.

2021-01-09 Recording: Options Training Session 1

2021-01-16 Options Training Session 2 Register here

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.