As you know we are long Gold from earlier in the week. Gold does not look good; we are long and staying there until at least Monday. Yesterday’s rally after Wednesday’s beat down was unimpressive and a reminder of a weak market. With Gold higher this morning we are still underwater some on our positions.
Silver looks weak as well, we remain short and expect more selling pressure. As of this morning, Silver is basically flat for the week and would need a rally near 25.00. That is certainly a possibility but until then, we will be short.
Platinum is lower on the week; we remain long with the major support level at 1000. It has been a rough go for the metals other than the recent rally. Overall looking from an objective view of the charts, they better find strength and new money buyers, or our longs could be in trouble.
As always, we only trade after the close and make new trades the following morning. For now we are long Gold and Platinum, short Silver.