Gold and silver look great
Last weekwas an interesting one for the metals. The bottoms held, the trend reversed andfrom looking bad, they now look great. Forget about the news. The price actionand charts show bullish formations. During the past 6-7 days, we have seenhigher highs and higher lows, which indicate the rally should continue.
Lookingback to Friday, gold and silver looked prepared for blastoff. Of course, JeromePowell stepped into the pile and metals quickly reversed while higher on theday well off the earlier highs. One can interpret the news any way they want,but the price tells all.
As we lookahead, gold and silver appear to be ready to run higher. The next levels towatch are silver 25, gold 1820 based on December futures, platinum 1080 Januaryfutures. Those should be the next levels of resistance before pushinghigher.Remember, there is no guaranty, but for now, the metals look likethey will run higher.
In allmarkets, price action determines what will happen in the next day, week, ormonth. Keep the two strategies separate. The worst trade anyone can make isturning a trade into an investment hoping for a way out. Traders must learn totake their losses and move on to the next trade.
Patience,discipline, and money management always win the day. Let the map of the marketsshow you the way.
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