Precious Metals Update
Precious Metals Update
As equities continue to gyrate over respective medium term support levels I do not feel particularly tempted to get sucked into placing any haphazard directional plays. Precious metals are not making it easy for us either but appear to be more promising as there remains significant upside potential.
I’m still in both my gold campaign but as you can see yesterday’s paper gains have been unceremoniously eroded overnight. What works in our favor here is the increasing accumulation of short and medium term context above the 1270 mark – which is where I would try another long position if my current campaign is stopped out. More long term a key level to keep an eye on is near 1260 (June contract) which absolutely needs to be held.
Silver is a bit more complicated as we don’t enjoy a particularly clean formation on either the daily or weekly panels. What the latter has going for itself however is the 100-week SMA which has settled near the 16 mark. A reversal to that point seems like a natural LKGB opportunity to me and thus worth dipping into a few long positions with stops below 15.5.
More perspectives on some key markets below the fold…
It's not too late - learn how to consistently trade without worrying about the news, the clickbait, the daily drama and misinformation. If you are interested in becoming a subscriber then don't waste time and sign up here. The Zero indicator service also offers access to all Gold posts, so you actually get double the bang for your buck.
Please login or subscribe here to see the remainder of this post.
