Gold and Silver continue to act well despite this morning’s sell off. As we watch all markets now it looks like a sell everything now, ask questions later. All markets have these moments when we see wholesale selling which is what we are seeing this morning.
However, when we go back and look at the bigger picture of the metals the only one that appears problematic is Platinum. We remain bullish all and find the Gold and Silver patterns to be in great shape. They are walking of the stairs like Led Zeppelin’s Stairway to heaven.
Looking at the charts, Gold must hold the 1830-1840 level based on June futures and Silver the 27.40-27.30 levels. We are never surprised by pullbacks and until proven otherwise this looks like another buying opportunity.
As always use patience and discipline when trading. Money management is a part of the patience and discipline. Do not over leverage yourself only trade or invest with risk capital.