The setup for Gold, Silver and Platinum looks like a launching pad with the rockets ready for blastoff. There is no guaranty that today will be the day, however they are up nicely this morning. We expect a huge move, but patience is the key.
There are many cases being made for Gold to go lower, higher interest rates among them. We warn traders all the time that correlations are often already priced into the market and they don’t have to react at the same time. The simple facts are, the trend is up, they are breaking out above congestion, and the FED interventions makes Gold, Silver and Platinum stronger.
Since the bottom a few weeks ago Gold, Silver, and Platinum have been trying to build momentum. Based on the recent price action it appears we are seeing that type of move developing. We make no promises, we only disclose our positions. We are long Gold and Silver in the Futures markets, Long Gold, Silver and Platinum in the physical market.