Gold, silver continue to struggle
Another day, anothermixed day in the metals. Gold and silver appear stuck as buyers don't have enough power topush them up, and the bears don'thave enough to push them down. This is known as congestion and can last for anextended period. At the same time, platinum appears to have found a bottom.
Looking at gold thismorning at 5:15 am EDT, we see higher prices. At the same time, silver islower. Both must break above key levels, which are $1,780 December gold and $23December silver. Until there is a close above those levels, gold and silverwill be in a downtrend.
We all know that therewill be a time and place when gold and silver take off to the upside. When goldwas $300, people thought it would never go up, after failing in 2011, the samethoughts appeared. When silver was $5.00 it was under pressure and so on. Thesemarkets will go higher eventually; however, they are trending lower until theydon't.The right side for a trader is the short side.
In all markets, priceaction determines what will happen in the next day, week or months. Keep thetwo strategies separate. The worst trade anyone can make is turning a tradeinto an investment hoping for a way out. Traders must learn to take theirlosses and move on to the next trade.
Patience, discipline, andmoney management always win the day. Let the map of the markets show you theway.
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MondayCall Registration October 11th 4:30 EDT
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