Make Kitco Your Homepage

Gold and silver under pressure

Commentaries & Views

Thursday’s rally in gold and silver is being met with sellers this morning. The precious metals should come under pressure with a strong downtrend. As markets churn, waiting for the next big move, there are certain levels that will be met.

The levels of support to watch in the precious metals are gold: $1,900, silver: $24.5, and platinum: $1,000. Those levels will be critical points when the selling intensifies, and they should act as possible pivot points. Remember, we are long-term bullish as investors but short as traders.

Price action in metals has turned bearish; we are sellers of rallies into resistance until the pattern reverses. All trading decisions should be made as unemotional as possible. Too many believe they know better than the price action and when wrong, they claim foul. Success comes to those who understand markets.

Precious metals should be owned on a physical basis with capital that is not needed tomorrow or anytime soon. Trading should be done with paper, knowing that we can trade either side without emotions.

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.

2022-03-21 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.