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Selling everywhere including gold and silver

Commentaries & Views

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.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.