Gold and silver running higher
Yesterdaywe mentioned and explained buying the dip when markets are in uptrends andselling rallies when in a downtrend. The support level we were looking for was1760 December gold; the low was 1760.3. Silver was 23.00, the low 23.03; bothwere potential "add on" buys.
Thismorning gold is $13.00 higher, and silver is $0.55 higher. Remember, thisdoesn't always work as smoothly as this, but understand that this is the typeof price action you look for when trading. The trend remains higher in gold,silver and Platinum, which should continue.
The levelsto watch on a rally are $1,800 December gold and $24 December silver. We arenot sellers at those levels. We only recognize that some temporary resistanceshould slow them there. The only selling we would consider in this uptrend isselling extra futures we may have bought at support. In other words, it is partof a trading model.
If gold andsilver can break out above resistance levels, this rally could extend to muchhigher levels. Trends can continue for long periods of time but still must bewatched one level at a time. Let the price action tell you what to do.
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.
Here isMonday's call Recording and a special recording of the problems we see in theeconomy.
2021-10-18 Monday CallRecording
2021-10-18 The futureof the economy
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