It is getting ugly for Gold, after failing at resistance it appears to be running to 1800 April futures. The 1800 level is the last major support level, if broken 1750 comes into play. There is no doubt that Gold could hold levels and reverse, but the trade looks bad for now.
On the other hand, Platinum looks ready to explode to the upside as it pulls back to support. The consolidation pattern Platinum has been in force since the first of the year. The longer this pattern lasts, the greater the possibility of a run higher.
Silver is in the middle of nowhere with a slight upside bias. The trend reversed to long based on Monday’s panic rally. However, the trend is the trend, 26 is the major level on the downside we are watching. Silver is in a wide trading range of 26-28 March Futures.
As we near the end of the week and the monthly jobs number, we are long Platinum and Silver, short Gold. We should have a much better read on what’s next after the Friday jobs number. We could care less about the number; we will be watching the reaction.
