The general picture in metals is mixed with bearish activity in Gold and Silver and bullish in Platinum. This morning all three are near the flat line, rotating between positive and negative pricing. This type of action indicates some uncertainty searching for direction.
Gold has not changed as we remain short with little concern that a big rally is coming. The price action, charts and patterns suggest a breakdown. However, there is no guaranty that the patterns will not change. We are only using our algorithms as they read the markets now, we do not predict the future, we use the current information and trade that direction until there is a reason to change.
Silver is in a similar pattern to Gold; our views are the same, although it looks slightly stronger than Gold. There are key levels or decision points that currently continue to keep pressure on Silver. Like any other market, direction can change. Therefore, we don’t get involved in the day action, let prices settle and make calm, rational decisions without emotion.
Platinum continues in an uptrend with no signs of reversing. Learn to trade without emotion and snap decisions, you will find yourself in a better frame of mind, not mislead by your emotions or the action of others.