Gold at support, silver breaking out and platinum breaking down

New York (June 26)  Metals remain the most interesting market in the world at this moment. Gold, silver and platinum are all going in different directions. The next few days will go a long way in determining the next big move that we expect to see in all three.

Gold continues to be the strongest and appears ready for a major breakout to the upside once again. After consolidating three months, gold has broken out the upside, now targeting $1,800 and more in the August futures. This rally could be powerful enough to take gold to all-time new highs. However, we first must close over $1,800 and continue the current trend. We remain long and will add on pullbacks to support.

Silver is now been consolidating for the last month after its last breakout in early May. The action is bullish, and silver is now trying to break out to the upside once again. We are now targeting a little over $19 in the September futures but realize that there could be some pressure initially to break through $18.20. We are long and watching closely waiting for the breakout to add to our position.

Platinum is a mess and looks to be headed significantly lower. The downtrend started from a blow-off high on May 20. The $800 level is major support for platinum, and failure here brings $700 to $750 in the October futures into play. We are short platinum and would sell more at $850 in the October futures.

Saturday, June 27, at noon EDT Micro Mini Portfolio Management Webinar: I will be hosting a webinar on our Mini Micro Futures Portfolio Management. This program has been a huge success. You are invited to join the presentation at Saturday, June 27, at noon EDT. This is a can’t-miss event and is free to attend.

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