Gold touches 1800 Overnight
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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.