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Gold, silver and platinum breakout: true or false

Commentaries & Views

Once again, gold, silver, and platinum are attempting to break out to the upside and reverse the current trend. If we were in school, we could consider this a true, false exam. The simple answer is, we don't know.

On Wednesday, we saw a solid recovery followed by this morning's continuation. For regular readers, you know that we will not decide until after today's close. The price action in gold is bullish and would change, provided the price stays up here or higher. Silver and platinum have much more to go, but could be signaling a change is coming.

We are witnessing a pivotal moment in gold, which is no surprise. We wrote yesterday that trend changes don't announce themselves and can show up at any time. Based on December futures, we would need to see a close above $1,833. Ever so slightly, the price action could be changing. We will remain short through today but are ready to change if our signal calls for it.

Patience, discipline, and money management always win the day. Let the map of the markets show you the way. Guessing the next move is a fool's game.

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