Here we go again, Gold and Silver are higher. The rally is weak, without conviction with a greater likelihood to fall apart before the day is over. The way the markets look now, Gold and Silver have a lot more room on the downside.
We expect a big rally at some point soon which will create another selling opportunity. This is one of the ugliest patterns any market could go through. We will use February Gold futures for the levels we assign, 1750 February looks like it may get here faster then originally believed. For Silver, we will use March where we are expecting 22.00.
Platinum remains strong and headed higher with the next resistance level of 1000 January Futures. For months we have held short positions in Gold and Silver, other than the first day the upside has not been threatened indicating how weak the sector is. Until proven otherwise, sell rallies in Gold and Silver, Buy dips in Platinum.
Happy Thanksgiving to all.