Gold, silver, and platinum pulling back to support
After Thursday's solid rally, gold, silver and platinum are seeing a small pullback this morning. Yesterday, we wrote that a pullback was expected and healthy for the metals. With a clear head, those who understand how markets work would recognize this action is healthy and should lead to a bigger rally.
When looking at the footprint the charts leave, the pace of the rally was a little too fast on the initial breakout to the upside. A sell-off to support should bring new money buyers into the market. Support levels to watch are, December gold $1,830-$1,840, December silver $24.70-$25, and January platinum $1,050-$1,070.
We are looking for an explosive rally if the action we are seeing now continues, pull back to support before taking off again. The trend higher is strong, which should bring new recent highs. Remember, there are no guarantees, and the trend can change without warning. However, we are long and have no intention of reversing anytime soon.
In all markets, price action determines what will happen in the next day, week, or month. Keep the two strategies separate. The worst trade anyone can make is turning a trade into an investment hoping for a way out. Traders must learn to take their losses and move on to the next trade.
Patience, discipline, and money management always win the day. Let the map of the markets show you the way.
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