Gold and silver prices push upper resistance; platinum still weak

New York (June 22)  Gold and silver finished last week with a flourish, rallying from key support levels. Overnight gold and silver pushed the top end of resistance before pulling back. The big question is where will they go from here?

After being in uptrends for months but under pressure in recent sessions, gold and silver found buyers that pushed August gold to $1,777 overnight and September silver to $18.36. Both are still higher this morning but failed exactly where they should have. The weakness we were concerned about is gone; $1,800 gold and $19 silver are now in play.

Platinumis still weak although slightly higher this morning and tested support overnight. The $850 level in October platinum remains major support, which we expect not to hold over the next few days. We remain long August gold, September silver and short October platinum.

As we have written for weeks, trading takes patience and discipline without trying to trade the minute-to-minute or day-to-day headlines. Price determines movement and nothing else.

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