Gold rally rolls, silver and platinum seeing some weakness

July 24, 2020

New York (July 24)  Thursday’s trading action was no surprise; gold continued to rally while silver and platinum pulled back a little. Although we remain bullish and look for new all-time highs in gold, we expect a pullback sooner rather than later.

December gold futures trade as high as 1927.1 before pulling back. Gold defended the 1900 level perfectly, which indicates the probabilities of new highs are likely. The best action for gold from here would be consolidation before breaking out to the upside.

Silver appeared to have a key reversal on Thursday, although the selling fell to our support level. Silver is flat this morning and like gold, we expect to see consolidation. In trending markets, congestion is a key part of the move and typically allow markets to find more new money to continue the rally.

Platinum is almost identical to silver with one exception; it is coming out of a longer-term downtrend. 940-920 are the key levels of support if the breakout in platinum is going to continue. We are long gold, silver and platinum and expect the rallies to continue after a period of congestion

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