Markets don't always cooperate, gold and platinum struggle
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
First, gold reversed to trade on the short side and now platinum, if we were trading it. However, the lack of liquidity prevents our group from trading it -- but it would be a short. Suddenly, gold and platinum have turned ugly and are lower again this morning.
Silver is getting dangerously close to reversing as well. Although we like the precious metals and still have expectations of higher prices, we don’t expect that now. In the Futures and paper arena, we are short while still holding physical metals.
Remember, short-term trends are just that, short term. Using the paper metals markets, we are short and remain until our algorithm reverses back to the long side. It will take a solid rally to turn these back to bullish; for now, look for $1,900 gold to be support.
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 Monday, March 21, for the Monday Night Strategy Call. The link to register is below.