On Monday, June Gold Futures hit a new high at 1788.8. Since then, it has been under pressure. This morning Gold traded as low as 1696.8 which was a solid support area. Gold has bounced a few dollars but still looks weak. However, we remain long and will stay there until Gold closes below 1660.

Silver has failed to breakout to the upside once again and looks to be headed to 15.00 July futures. The pattern is still strong and in a consolidation phase. We remain long and will hold with July Silver above 15.00. The key level for Silver is to break above 16.00

Platinum looks almost identical to Silver and is hovering on both sides of 800 July futures. Platinum’s failure to take out the 830 level has sent it back below 800. We will remain long Platinum above 750 July futures. We are still bullish all of the metals.

Todd Horwitz
Chief Strategist