Gold, silver and platinum ready for blastoff
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Gold, silver and platinum appear to be on the launching pad, ready to blast off to the upside. All three are pushing through their resistance levels, making a run to the upside a high probability. The pattern should start has become increasingly bullish.
We must remember that nothing in trading is 100%, but all signs point higher. The next major levels to watch are gold $1,835 December futures, silver $25 December Futures and platinum $1,100 January futures. Those levels are resistance that could slow this rally but not stop it.
The current bullish conditions and price action only influence traders; investors are playing a much longer time frame. Statistically, metals rally over time, which is why we warn investors not to worry about the day-to-day action. For now, we are long as investors and traders.
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.
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