Gold and silver buy the dip
Gold and silver reversed trendslast week but were under heavy pressure on Friday. One of the biggest faultswith traders and investors is that they get too emotional when markets goagainst them. The keys to remember are in an uptrend; you want to buy at supportlevels, in a downtrend sell resistance.
Emotions, news, and opinions haveno place in markets. The old saying is that the trend is your friend, whichworks if you are patient. Of course, when it comes to money, patience is hardto find. Often, trend traders will get chopped up a little in consolidatingmarkets, but you must follow the rules.
Looking at gold and silver, we seesupport levels based on December futures at 1760 gold and 23.00 Silver. Wewould consider these solid support levels that should hold and create a rally.There are no guarantees, but markets will always eventually trend.
In all markets, price actiondetermines what will happen in the next day, week, or month. Keep the twostrategies separate. The worst trade anyone can make is turning a trade into aninvestment hoping for a way out. Traders must learn to take their losses andmove on to the next trade.
Patience, discipline, and moneymanagement always win the day. Let the map of the markets show you the way.
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