Gold fails to take out resistance
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
What a fine mess we have now in gold; the failure to take out resistance on Thursday indicates the selling should resume. Obviously, there are no guarantees that gold won't rally today; however, based on the price action, there is a higher probability of a bigger selloff.
Silver is stronger than gold but also failed to take out its resistance. This morning Silver is under some pressure and should suffer the same fate as gold. The model tells us the selling is just beginning, which should take silver lower.
On the other hand, Platinum made a new 5-year high on Thursday. The trend remains solidly higher and now in consolidation. The key levels to watch in April Platinum are 1075 support, 1140 resistance. With the trend higher, we will look to buy at support levels.
Given the mixed action in metals, we will be passive on selling more gold and silver until the recent action is confirmed. Nothing is ever guaranteed when trading; we can only use price action to be on the right side of probability. After all, the markets are a game of probability.
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.