Gold price could not take out the tops, headed to test bottom

New York (Oct 23) The adventure in metals continues; gold, silver and platinum could not take out resistance. Now they look to be headed to support. The technical patterns remain in place. The metals continue to consolidate, moving up and down, failing to take out resistance or support.

Thursday saw gold, silver and platinum get hammered. All three tested support and bounced. This morning they are higher, which is expected based on the pattern and price action. Remember, patterns repeat until they breakout one way or the other and start to trend.

The pattern in all metals is consolidation within a downtrend. This means we are short and until the tops of this pattern can be taken out, we will stay short. Do not be fooled by the news, the FED, or anything else. Price action is the only thing that matters.

Hedge your Portfolio: It is time to take your investing to the next level and Hedge your Portfolio. Never panic again, be a buyer when others are in a panic. We are going to have an encore presentation.

KitcoNews

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