After the challenges on Monday and Tuesday, Gold appears to have found its footing with the rest of the markets. The free fall in Crude and other commodities is over and order is restored. Gold has started moving up and is breaking out of resistance and should test or break through the 1788 June futures level.

Silver found support after getting hammered on Tuesday and looks ready to test the top end of congestion. Silver is still weak and must continue to hold support or it could get ugly. The keys to watch in Silver are 15 support and 16 resistance in July futures. Eventually Silver will breakout one way or the other, for the levels are solid.

Platinum is like Silver with a little more strength and a slight bias to the upside. However the patterns are similar, and the key levels are 700 support, 800 resistance in July futures. Platinum is setting for a big move in either direction. We are long Gold, Silver and Platinum.

Todd Horwitz
Chief Strategist