Gold, Silver and Platinum continue to churn in consolidation ranges. Eventually they will breakout of these ranges and pick the direction of the next big move. For now, our expectations are to the downside. The consolidation action has also been negative, making lower highs within the pattern.
Trading is about short-term assumptions based on market activity and price action. The problem most traders face, they cannot separate their opinions and news from what is happening. This is why we are using our algorithm which is mechanical, leaving no room for outside influences.
Looking at the price action, the levels to watch are December Gold support 1850, resistance 1900, December Silver support 23.90 resistance 24.70 and January Platinum support 840 resistance 900. We are sellers at resistance levels until the price action proves otherwise.