Gold reaching key resistance, platinum exploding
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Markets are always interesting to watch as they go through their motions; however, markets always end up with a trend move. Timing those moves is always a challenge, so we are mechanical traders without emotion or opinion.
Gold is still in a downtrend but could possibly be showing signs of breaking out to the upside and reversing the trend. As we look at Gold this morning, we know we will be short until at least tomorrow. However, just above $1,860 April futures appear to be a potential reversal of trend spot.
While Gold remains short, Platinum is exploding to the upside and now making 6-year highs. The rally has been over 20% and shows no sign of slowing. The next target is 1300 and then higher. The only real issue with Platinum is the lack of liquidity.
We are long silver, which has just been churning around the mean for the past week after the huge rally we saw Sunday Night Monday morning on the First of February. Silver’s key hold of 26 now brings the 1800 resistance level into play. Follow the trend and keep emotions and opinions out.
On Saturday we are going to present our Hedging Model for the next class. Below is the link to register for this free event
We have also included a registration link for session 5 on Friday February 12th at 5:00 EST