Gold has been in an extended selloff since early August, this morning around 3:00est all markets went into a temporary freefall. Equities, Crude and Grains sold off sharply before finding about an hour later. Gold fell the hardest and held the 1850 level December futures.

The possibility of Gold falling to 1800 and below has now become very real. The trend remains down, the possibility of a total breakdown gets more real every day. Sell offs and breakdowns are a part of any market move and now the Bull/Bear battle will take place at 1850.

Silver is in a similar position, though not quite as weak as Gold but could run into the same problems. Silver’s battle will take place at 23.5 December futures. If Silver fails at 23.5, 22 and below becomes a part of the equation. The patterns for Gold and Silver are ugly leaving everyone on edge.

On the other side of the ledger there is Platinum, which passed the bearish test and is now looking like it can make a run to 1000 January Futures. All we can do is watch the price action and be on the side of least resistance and trade with the trend. For now Gold and Silver is down, Platinum up.

Todd Horwitz Chief Strategist
Stop being a prophet and make profits

Futures and Commodities with Andy Hecht and Technomental: Our webinar on Saturday was fantastic, here is the recording

Saturday Recording: 2020-11-07 Techno Mental Futures and ETF Recording