Make Kitco Your Homepage

Gold, silver, and the pain of patience

Commentaries & Views

Gold and silver go up one day and down the next, while at the end of the day, they go nowhere. This morning gold tested major support at $1,875 August futures and silver is midrange with $27.5 the key support. We can expect this action until gold and silver breakout in either direction.

All week we have been writing about the torture of congestion nothing has changed. If you look at a chart over the past three weeks, you see a tight range that tested the top and now the bottom on multiple occasions. We know that they will break out in one direction or the other.

The trend is higher, which is why we are long. We know there are no assurances we will be right; we know that our win rate is 66% and we will stay long until the signal reverses. The most important step traders can take is patience and wait for the signals. Trying to outguess markets is a fool’s game.

Patience, discipline, and money management always win the day.

Here is the recording of the Monday Night Strategy Call

Monday Night Strategy Call recording

Monday Night Strategy Call

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.