Gold holds true to form, Silver joins in
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
The continuation of the selloff in gold continued Monday and so far today. 1700 April Gold futures which we could see today. There is no doubt that will be some bounce in gold, but the pattern looks bad and rallies are meant to be sold until further notice.
Silver opened on its high Monday and spent the rest of the day heading lower. This morning silver is under pressure which fits our short position. The pattern in silver is not as ugly as gold, but it is getting closer. $26.00 is the first major support level, which should hold for a bounce. However, downtrends can last for extended periods.
Platinum has lost a little steam but continues to perform and is holding every support level. Platinum is getting closer to reversing, but until it does, we are long. The key levels to watch in April platinum are $1,150 support and $1,300 resistance.
Price action and trends will continue to guide us; when we are trading, our objectives are to catch the meat of the move. We don’t look for the top or bottom that is a fool’s game.
On Saturday May 6 at Noon EST, Andy Hecht and I will be a webinar on our newest addition to our Technomental Commodity Report. Please join us and register below.