Gold, silver and platinum prices push higher

London (Aug 4)  The solid rallies in gold, silver and platinum roll-on. It appears that every selloff is now met with buyers. Gold is in a very solid bullish pattern, which is just really consolidation waiting for the next breakout. The current trading range in December gold futures is $1,950 to $2,000 with our next target being approximately $2,100.

Silver’s pattern is almost identical to gold with a couple of exceptions. It’s not at all-time new highs and appears to be a little more bullish. The range for September silver futures is $23.50 – $25.50 with our next target approximately $30.

Platinum continues to be the weakest of the group, although the bullish pattern is beginning. Platinum support is solid $920. We will use that level to add on pullbacks. Arrange and platinum is $920 – $1,000 October futures making our next target $1,050. It appears that the move platinum is just beginning.

The metals complex is very bullish now for various reasons. However, it is of no concern to us on what is said or done in the news because the price action has identified this move months ago, showing you that the news means nothing. Until something changes, we are long, bullish, and look for prices to continue to rise.

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