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Gold/Silver/Platinum: The inflation train rolls on

Commentaries & Views

It was another volatile week in futures and commodities with rising inflation and slowing growth fueled by a weaker September nonfarm payroll number. The leaders this week in the commodity complex were Lumber (+14%), Palladium (+8%), Oats (+7%), Cotton (+6%), and Platinum (+5%). Crude Oil is the commodity all the talking heads are chattering about, with prices reaching the highest level since November 2019. If you have never traded futures or commodities, I just completed a new educational guide that answers all your questions on how to transfer your current investing skills into trading "real assets," such as the 10 oz Gold futures contract. You can request yours here: Trade Metals, Transition your Experience Book.

After releasing the payroll data, Gold futures attempted to break out from the recent downtrend, and surprisingly, yields stopped it right in its tracks. The big banks are pushing Yields as hard as they can and but with the 10-Year right at 1.61%, how much higher can they go without the data to support it?

Daily Gold Chart

While analyzing the charts, one can see that Gold has three main areas of resistance, beginning with the downward trendline from the all-time highs, the 50-day moving average, and the congestion area from 1820-1835. If you would like to learn more about technical analysis, we have updated the guide to provide you with all the steps to create an actionable plan used as a foundation for entering and exiting the market. You can request yours here: 5-Step Technical Analysis Guide to Precious Metals.

Daily Platinum Chart

Platinum has recaptured $1,000 an ounce, broken its downward trend, and most likely has made its seasonal low. I had taken the daily chart and added the seasonal tendency for the past ten years. This is the part of the article where I tell you to remember that past performance is not indicative of future results. We are going to have to monitor how it plays out and If you would like to know more about our strategies in the futures and commodities markets, please register for a Free two-week trial of our research by clicking on the link here: The Blue Line Express Two-Week Free Trial Sign up.

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.