We witnessed a panic sell off on equities, grains, and Metals. Gold and Silver broke hard, violating and closing below major support. Our new targets are now in play and all rallies are meant to be sold. Platinum was weak, but has not violated the key support level yet.
The selling should continue, there will be sharp rallies which will be an opportunity to sell more. Based on the current action we could see Gold and Silver accelerate through our next targets which are 1850 December Gold and 23.00 December Silver. January Platinum remains in a range 860-900.
Many will be trying to bottom pick these markets which is a fool’s game. Until the trend changes there is no reason to be long the metals as a trader. Remember, investors should not worry day to day and understand that eventually the selling will end, and the metals will be higher. However, as traders we remain short.