Gold, silver and platinum flex their muscles
London (May 29) One thing we have learned the last couple of days is that there is underlying strength in the metals. Gold, silver and platinum were all in danger this week at one time or another, and all three managed to fend off the sellers and maintain their bull markets.
Gold has been under the most pressure for the last couple of weeks. There appears to be a big seller that shows up once a day usually around 9 a.m. EDT. Gold takes a big hit but has been able to recover and hold support. This does guarantee a run to the recent highs, but based on the pattern, we are long looking for higher prices.
Silver and platinum have been almost identical in price action. The only difference this week between the two is silver is higher for the week while platinum is slightly lower. The patterns are good and indicate the rally is not over.
Gold and platinum are lower for the week but still in solid consolidation patterns with an upward bias. Silver is up for the week but also in consolidation. We have no reason to believe the rally will not continue.
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