Gold and silver prices remain in downtrend

New York (Aug 19)  Yesterday we asked the question if gold and silver were reversing. The short-term answer is no. Although Tuesday, there was a point during the day that would have reversed our positions if it did not close that way. Therefore, when trading mechanically, you use the correct time for all reversals, we use end of day.

Obviously, gold and silver are close and will reverse and go higher, just not now. Many will point to the U.S. Dollar weakness; FED intervention and ridiculous rates do not play in these markets. Those who convince themselves that they matter day-to-day, it has nothing to do with price action.

We are always long-term holders of Gold and Silver; however, trading and investing are completely different. Trading news is a losing proposition always! Markets are pricing in those facts regularly. Metals are many times an emotional trade, which is always a mistake.

Today we are long Platinum, Short Gold and Silver but willing to reverse when the price action suggests doing so. Until then, short is the side to be on for mechanical traders to avoid the pitfalls of many human emotions.

We are now offering a comprehensive commodity report that complements our other services. The Technomental Commodity Report comes out on Wednesday evenings and provides comprehensive fundamental and technical coverage of most commodities that trade on the futures markets in the US and UK, as well as stocks, bonds, and digital currencies.  There is a summary report on Friday after the markets close, and robust quarterly reports on each of the six commodity sectors and a general overview that recaps the past three months and offers projections and suggestions for the next quarter. Andy Hecht, the author of the report, has been a commodity trader since the early 1980s and has vast experience in markets across all asset classes.

As of 1:25am EST spot gold is down $31 to $1,962, while spot silver has slipped nearly 2% to $27.26.

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