Gold and silver hit a speed bump
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Not much has changed with gold, silver and platinum. They are all in uptrends and are ready to run. Yes, they had a rough Tuesday and are lower this morning; however, the overall pattern has not changed. There is no question that they could reverse to short again and will at some point.
Unfortunately, traders and investors want instant gratification and have no understanding of how markets work. The minute the metals were lower on Tuesday, out came the manipulation group screaming the market is fixed. "They" don't want the markets to go higher, so "they" are selling. It is comical listening to those that have no understanding of how a market works.
Gold, silver and platinum are no different than any market; they run too far in one direction and then there is some retracement. This has been a part of markets for 1000s of years, buyers push too far, and sellers come in; the same goes when they sell too hard. The bottom line, the trend is higher until proven otherwise and bumps in the road will appear. Let the markets and price action guide you.
In all markets, price action determines what will happen in the next day, week, or month. Keep the two strategies separate. The worst trade anyone can make is turning a trade into an investment hoping for a way out. Traders must learn to take their losses and move on to the next trade.
Patience, discipline, and money management always win the day. Let the map of the markets show you the way.
On Saturday, Oct. 30, I will be presenting our part-time futures day trading. I would love for you to join me. You can register for this free webinar below.