Gold, silver, and the pain of patience
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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