Gold and Silver give another selling opportunity
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
The metals have seen some volatility during the last few days like the rest of the markets. The trading ranges have widened, which just opens the door for a bigger selloff.
After the heavy selling pressure overnight Sunday and the subsequent bounce, they have now indicated a dead cat bounce in a downtrend more than a reversal to the upside. This rally should be considered a selling opportunity should gold reach $1,860 and silver $26.00. platinum remains in an uptrend and has bounced from support.
If you have been watching the patterns and the price action, the signals are obvious, the trend is down. When trend trading, all actions should be based on the prevailing trend. In other words, until the trend reverses, which it will at some point, we are sellers.
Remember, mechanical algorithmic trend trading leaves no room for interpretation of the rules leaving us short Gold and Silver until that trend changes. Our methods are correct 66% of the time, which leads to long term gains without news, opinions, or emotions.
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.