Gold under pressure in front of the FED meeting
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Tuesday, gold continued pushing through the $1,840 level, trading as high as $1,854. Support for gold becomes $1,740, which is a level to add on to long positions. This morning’s sell-off is natural and healthy for a continued rally.
Silver has fallen three days in a row and is lower this morning, which could become the fourth. However, the selling has been small and on light volume. $23.50 is the key support level and our expectations for a bounce is near and a run to $26 is in play.
Platinum looks almost identical to silver, except that it has reached support and appears to be headed back towards $1,100. We are watching all three metals that are all long but at different points in their cycle. We are long across the board and are looking for a much bigger rally, which could be triggered today with the FED meeting.
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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