Gold, silver and platinum prices under pressure

New York (May 1)  The conspiracy theorists were out in force yesterday and should continue harping away this morning. What else could explain a 50% retracement in gold over the last couple of weeks? From a technical view, gold is now at must-hold support; if the $1,650 level in the June futures fails, the trend will reverse from long to short.

Silver has been weaker than gold but also finds itself at a must-hold level of $14.80 in the July futures. Silver finds itself at the bottom end of congestion, which should create a bounce and reverse the trend. However, we do not change until the technical levels confirm.

Platinum looks the best of the group although it is still in congestion. Platinum is in a wide trading range of $750-$850 in the July futures and can go either way from here.

Wherever the metals go from here, they are still in bullish formations, which has a chance to change by day’s end. We have been long and have large profits across the board. We don’t expect a change. We expect a bounce but are prepared to reverse if that’s what the market footprint tells us to do.

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