Surprise: gold, silver and platinum rallies fail

London (Oct 22)  Like the soap opera’s gold, silver and platinum are keeping is on the edge of our seat. In recent trading, rallies have failed but left us close enough to consider reversing to the long side of the market. However, every day has ended the same, keeping us short.

We know for a 100% fact that one day we will be long again. But for now, the price action remains negative and there is no reason to get long until price action indicates to do so. We have stated many times that our trading decisions and investing decisions are not always in synch. We are always long the metal via physical metals, trading decisions trade either side of the market.

Gold resistance has changed and is now 1940 resistance December futures. The underlying pattern does not look bad and gold may be getting closer to changing. December silver, like gold, continues to fail; however, the same underlying bullish appearance is there. At this point, platinum is much closer to reversing; for today, we are short across the board.

Hedge your Portfolio: It is time to take your investing to the next level and Hedge your Portfolio. Never panic again, be a buyer when others are in a panic. We are going to have an encore presentation.

KitcoNews

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