Gold fails at first attempt to reverse trend
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Thursday, we mentioned that although we remained short, we were going to hold off and selling more. With gold looking a little better, we wanted to be more cautious. This morning, gold is under pressure and confirming the failure and a greater chance of the continued downtrend.
Silver also failed its first test and should head lower. Based on the price action all indications are for the downtrend to continue. $25.00 May silver futures remains the key level of support. We are no longer aggressive sellers but will hold our short position until the trend changes.
What we are seeing in gold, silver and platinum are downtrends, suggesting a continuation lower. A reminder that we do track Platinum and I buy physical we no longer carry in our portfolios because there is a lack of liquidity.
From our perspective as traders all charts are the same and markets will all trade the same patterns over and over again. Remember, here we are talking trading and I always disclose my positions on both trading and investing. For now we remain short gold and silver and will stay there until there is reason to buy.
On Saturday March 6 , Andy Hecht and I hosted a webinar on our newest addition to our Technomental Commodity Report. Below is the recording.