One thing is certain: gold is stuck in a range
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
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.
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