Gold, headed lower, next stop 1750
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
The pressure on gold remains strong; nothing has been able to shake the bears from selling. The trend is clearly lower; gold is headed to $1,750 and $1,700. The path of resistance is lower. We will remain short until that pattern changes.
Silver and Platinum are in solid uptrends with no signs of weakening. Platinum has made seven-year highs and has solid support at $1,250 April futures. Silver is mid-range in between support and resistance. $26 -$27 are support levels. The key for Silver is to get above $30. Should Silver get above $30 and hold, we could see a huge run higher.
The most important thing to remember, trends last until they do not. Flexibility when trading could be the most essential ingredient for success. Losses for most traders come because they let their emotions and opinions overrule the simple facts of what the markets are telling them.
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