Gold targets 1820
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
We are seeing a solid rally in gold, silver, and platinum this morning. Are the patterns reversing? We remain short across the board but can see a path to a reversal. A close above $1,820 gold is the key for change.
All markets have been wild since the start of 2022; over the past two days, there have been some big reversals in equities and now crude oil is exploding up almost $3.00 at $81 per barrel. The commodity markets are attracting new money with troubles brewing worldwide.
We will remain short until our algorithm changes but would not be aggressively selling here. Sometimes discretion is the word and today, that applies. When trading, you can’t be stubborn and must be flexible based on the market action.
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.