Gold looks like it may break today
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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.