Gold and silver ready to run
Monday wasa solid day of gains for gold, silver, and platinum; however, none reachedtheir key resistance levels. The patterns are setting up nicely and we wouldconsider step one completed.
For therally to continue, we must reach the levels of resistance, which are $25 forsilver, $1,820 for gold based on December futures. For January platinum,resistance is at $1080. Obviously, that means they are higher and continuingthe uptrend. But until those levels are reached, we will trade with caution.
Based onthe algorithm and the current trend tied with the price action, we expect gold,silver and platinum to reach those levels and then surpass them. The onlyquestion is when and will the uptrend hold. Our long-term perspective ishigher, but there could be a trend change before then. We remain long
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.
OnSaturday, Oct. 30, I will be presenting our part-time futures day trading. Iwould love for you to join me. You can register for this free webinar below.
2021-10-30 Part TimeFutures Day Trading Registration
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