Selling everywhere including gold and silver
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Gold and silver continue to act well despite this morning's sell off. As we watch all markets now, it looks like a "sell everything now ask questions later" scenario. All markets have these moments when we see wholesale selling, which is what we are seeing this morning.
However, when we go back and look at the bigger picture of the metals, the only one that appears problematic is platinum. We remain bullish all and find the gold and silver patterns to be in great shape. They are walking up the stairs like Led Zeppelin's Stairway to heaven.
Looking at the charts, gold must hold the $1,830-$1840 level based on June futures and silver must hold the $27.40-$27.30 level. We are never surprised by pullbacks and until proven otherwise, this looks like another buying opportunity.
As always, use patience and discipline when trading. Money management is a part of patience and discipline. Do not over-leverage yourself only trade or invest with risk capital.