After being the strongest of the metals, Gold has suddenly become weak. Since peaking last Monday, gold has steadily fallen every day. The selling has been light with a couple of attempts of falling below support, but did manage to hold key levels. Overnight Gold tested the 1685 level in June futures and has rallied from there.

Gold appears to be taking a breather and remains in a bull market. The 1650 June futures are the key level to keep Gold moving higher. There has been no technical damage done and the fundamentals for gold remain bullish. We know that markets don’t announce themselves, remain long but watching carefully.

Platinum and Silver are bouncing this morning, but still must break above resistance levels to see the recent rally continue. The metals are all at key levels, they will breakout or breakdown, we remain long and bullish but understand that a violation of support levels would trigger a reversal.

Todd Horwitz
Chief Strategist