Gold finds new resistance - heading lower
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
The metals have been quiet this week at the same time confirming their trends and establishing new levels. Gold remains in a solid downtrend and has established a new resistance level. We are now sellers at 1815-1810 April Gold Futures. The first major downside target is 1750. Last weeks low was 1759.
Silver continues the solid uptrend and has now found a higher support level, although 30 remains the key resistance but 27 is now new support. Silver is in a very bullish formation and a break above 30 could propel a major rally. We look for the Gold/Silver ration to continue to collapse.
Platinum is once again selling up for another dramatic breakout to the upside. Since peaking at 1348, Platinum has found new support at 1250. Our expectations are for Platinum to takeout the recent highs and build upon the current rally.
Remember, the current trends can change any day making us flexible with no opinions. Our trades are all made mechanically based on the signals from our proprietary algorithm. Markets are far too efficient today; price action tells all. Those who trade the news almost always lose.
Here is Saturday’s Recording of our Equity Portfolio using our proprietary Algorithms.