Gold and silver meet the moment of truth
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Wednesday, gold and silver were struggling to stay above water. But at 2:00 EDT, they both rallied hard, taking gold to $1,754 and silver to $26.74. The rally continued overnight until about 2:00 AM EDT, taking them back down the levels that we will call the moment of truth.
We remain short both gold and silver and that will not change until at least tomorrow, Friday, March 19. For us to change course, gold and silver will have to go through those highs and hold. However, this morning’s weakness looks like the rally has faded and the downtrend should continue.
Obviously, we don’t know what the rest of the day will bring. As always, we will be watching the price action and run our program after the close. The only difference in our opinion from the last few days: we will not be adding to shorts here until the move down shows continuation.
The moment of truth will be decided by the price action. We will stay short and observe, but will be making no decisions or changes today. Discipline, Patience and observation lead to better trades. Today we observe.
On Saturday March 20, I will be presenting our part time day trading class using futures. It is free to attend as I share ways to be a part time day trader