After Monday’s big rally in Gold and Silver they have confirmed the breakouts and should continue to run higher. Platinum was the weakest of the group on Monday, but held support and should join the party with Gold and Silver in moving higher.
The patterns are very clear, indicating there is a lot of room to run on the upside. Based on Monday’s huge rally, expect Gold and Silver to consolidate for a few days, possibly trade lower. However, the trend is clear, and the move should be higher.
One thing you must always remember about trading, there are no guarantees that the rally will continue even with all the signs pointing higher. Trading is about discipline and taking the loss when wrong. We have our expectations based on what the markets are telling us today and that is always what our decisions are based on.
As of today, we are long Gold, Silver and Platinum. We will stay long while the pattern is supported. Our expectations for now are April Gold should see 2000, March Silver 29 and April Platinum 1200. Those are our first targets; we will ride the trend until it changes.