Gold and Silver are both slightly higher overnight but continue to show signs of weakness. With each rally attempt Gold and Silver show a lot of room on the downside. Our first resistance in Gold was 1750 April Futures but it appears 1730 is the new level. Silver has solid resistance at 26.00 May futures.
The trends remain lower in Gold, Silver and Platinum, we are short Gold and Silver but no longer trade Platinum because of the lack of liquidity. In other words, if we were still trading Platinum, we would be short. Trends are based on the price action that play out in the charts and never announce themselves.
When trading, we are mechanical traders based on our proprietary algorithm which does not get involved in the intraday action and is purely based on the closing prices. In other words, emotion, and news free, every decision is purely based on price.
Once again, I remind you, trading is not investing. I have no issue buying physical metals at anytime with the intention of holding for an extended period. Personally, I will continue to accumulate physical metals while trading on either side of the market based on the algorithm. Never confuse trading and investing, they have no relationship whatsoever.