Make Kitco Your Homepage

One thing is certain: gold is stuck in a range

Commentaries & Views

Today is a holiday in the United States, Martin Luther King jr. or the MLK holiday. Most markets are closed along with banks and other Federal offices. However, some markets are open electronically, including the metals. Of course, spot markets are open 24/7.

Watching gold, silver and platinum trade overnight and into this morning, we see slow markets that are leaning higher. Taking a deeper look into their trading patterns -- except for being long versus short -- the metals have gone nowhere.

Many times, we have written about the consolidation pattern, which is also known as the time of most confusion. That is precisely where we are now. Gold, silver, and platinum continue to torment us, whether long or short. Obviously, we are looking for a move higher based on our algorithm. However, that doesn’t not relieve the misery and congestion.

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.

Join us tonight, Monday, Jan. 17, at 4:30 EST for our Monday night strategy Call. Register below

2022-10-17 Monday Night Strategy Call

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.