Are precious metals about to continue their rise to new highs?
After reaching 2017 highs a couple of weeks ago, gold was mercilessly hit back down in price action that was very damaging.
However, after retracing to the $1300 resistance area which it broke out from recently, today price turned back above it dramatically and look to be closing with strength. This indicates that the previous resistance may now form a strong support for the prices.
Due to the strength of the recent turn-back, prices may need some more time to consolidate before heading higher. But today's strong price action may have formed a bottom on price for now.
I have also attached charts for Silver and Platinum. I will be looking for opportunities to go long on all three if prices continue to climb tomorrow.
Silver:
Platinum:
What do you think?
Thanks for reading, any feedback is much appreciated!
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Disclaimer: These are my ideas only and do not constitute investment advice. If you place any trades listed here you are doing so at your own risk and I hold no responsibility for any losses. Please pay attention to your risk management.
I find it really hard to speculate on metals markets. They are so contingent upon what's happening in the world.
I've never had good luck with 'em.
With a lot of economic uncertainty, they may be a good hedge
posted my thoughts on Friday and today. I went long the HUI today but at this point I think this will only be a counter trend rally, therefore remember jack be nimble jack be quick. Any renewal of a "bull" market IMHO can only start above the high posted on September 7th. I will keep a careful eye on the fast stochastic, if it races up while the slow stochastic barely moves, then in my mind it will confirm that the gold mining stocks are merely resetting for further downside. Either which way there is something to trade. Good luck and happy hunting.
Agreed about the September 7th high, fortunately there's a chance to make good money even if prices are ultimately turned back down again. Let's see!