Thursday’s action in gold and silver was very bullish, pullbacks in bull markets are really buying opportunities. If you always remember one thing: in up trending markets, buying support is the best trade just like in down trending markets, selling rallies or resistance is the best way.

This morning gold and silver are rallying again and should reach their resistance levels before seeing another pullback. Based on the recent rallies we would expect to see consolidation before the next breakout to the upside. Gold and silver are in bull markets and should be played accordingly until that changes.

Platinum also failed on Thursday, but it remains in a bear market. Although it looks like platinum was trying to reverse and enjoy the bull market of the rest of the metals, it is still in a downtrend. Obviously markets never announce themselves and this pattern can change, but for now by gold and silver, sell platinum.

Todd Horwitz Chief Strategist
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