Gold and silver stuck in congestion

Washington (Apr 29)  Yesterday the FED did the usual, nothing. They continue to hide from the truth of inflation and where interest rates should be. Through it all, gold, silver and platinum have remained tightly wound in consolidation. The metals will break out in one direction or the other the only question is which way.

The current pattern suggests that move will be up and of course, because of that, we remain long. The overnight action was disappointing, with gold, silver and platinum moving nicely higher before peaking last night. Since the top last night, the metals have been heading back towards unchanged.

As of 6:00 am EDT, gold, silver and platinum are higher but well off the overnight highs. The action today could be especially important to the next big move, which looks higher. There are no guarantees that the next move is higher. All we can do is use the evidence we have to make the calculated trade to the long side based on the prevailing trend.

In other words, we are long until this pattern tells us otherwise.

On Saturday May 1 at Noon EDT, we are going to repeat our Hedging Program which includes the precious metals. Last week’s presentation was interrupted by some issues with Zoom, and many asked for the presentation to be repeated.

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