Gold breaking down, Silver fights to hold support
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Tuesday Gold made its first attempt to beak to the downside, only to rally back and close on support. This morning Gold is once again breaking through the bottom of the range, indicating it should reach our next target of $1,700. We look for the selling to continue and possibly accelerate.
Silver managed to hold on to support and is still in the middle of a range. The trend is clearly lower; however, its ability to hold may be encouraging. We remain short and will trade to the downside. We are not selling physical holds; this is only from our trading position.
Platinum continues to fail at every rally attempt and looks to be headed to $1,000 and below. Today is month and quarter-end, which could create some wild action, especially with the markets being very thin with the July 4th holiday.
One thing we know for sure, we will be short until the trend changes. We never argue with the price action, and that indicates a breakdown. Remember, markets are always right; opinions seldom are.
Patience, discipline, and money management always win the day.
Recording from Monday June 28th Strategy Call with Andy Hecht below.