Once again Gold is attempting to reverse trend and go higher. The big question is, can it? The answer is complicated. Over the next year the answer would be yes, over the next week, despite the rally, it could go either way.
Silver and Platinum are looking better as well. The case against the trend change across the board is the very light holiday volume. The volume doesn’t affect the signal, but it is a concern. Lack of participation can give false reads.
The key levels to watch are: Gold must hold 1800, Silver must get above 23 and hold, Platinum must get over 1000 and hold. We don’t know how the trade will play out and remain short at least until Monday with markets closed till Monday
In all markets price action determines what will happen in the next day, week, or months. Keep the two strategies separate, the worst trade anyone can make is turning a trade into an investment hoping for a way out. Traders must learn to take their losses and move on to the next trade.
Patience, discipline, and money management always win the day. Let the map of the markets show you the way.