Gold, silver and platinum stuck in congestion
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
The torture of a market that refuses to breakout in any direction is always the most frustrating for active traders. The lack of action brings the opportunity to make a bad trade or force a trade where one doesn’t belong. No matter how painful the action or the markets, being patient and disciplined will always carry the day.
Here is what we know based on our algorithms and looking at the charts. The trend is higher in gold and silver, which means while the markets remain tight in congestion, the next big move should be higher. There is no guarantee that they will breakout to the upside, but the odds and probabilities favor the long side.
The key levels to watch in Gold and Silver are 1850 August Gold and 27.30 September Silver. If those levels hold, we see much higher prices on the horizon. Although the markets are dull without any action, we have witnessed sharp moves higher when they move. Friday and Monday are perfect examples of what to watch for. The support levels are the key to watch and if they hold, we expect a big run higher.
Patience, discipline, and money management always win the day.
Here is the recording of the Monday Night Strategy Call
Monday Night Strategy Call