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Gold touches 1800 Overnight

Commentaries & Views

On Friday we wrote that gold was in danger of breaking down. We saw a heavy selloff on Friday and overnight into this holiday trade, gold traded to $1,800. We expect the selling to accelerate to our new target of, $1770.

Silver has now joined gold for a deeper sell off. Although silver is slightly higher this morning, the heavy overnight selling caused some damage. Our new downside targets on silver are $23.5 and $23.

Although Platinum remains stronger and we are long, a break below $1,060 would suggest a breakdown there as well. For now, we are short gold, silver, and long Platinum. The metals have the appearance of getting ugly.

Here is the recording of Options Training Session 2 – The Next Step. We have also included a registration link for Session 3 on Saturday Jan. 23 at noon EST.

2021-01-16 Recording: Options Training Session 2

2021-01-16 Options Training Session 3 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.