Gold and silver look to be in trouble with their current price action. Suddenly, as often happens, they are turning into bearish markets. Based on the current market, gold appears ready to test the 1900 level in December futures; silver looks headed for 25.50 in September futures.
We all understand the current price action and what is developing. Right now, we are short, both gold and silver, based on our algorithm. The general direction for gold and silver will be lower until it is not. There will be rallies within the pattern and a down-trending market, but overall, we will be sellers of rallies.
Platinum has been able to hold off the recent bearish action in gold and silver and is still a long position in our portfolio. There are many warning signs and platinum. However, we do not guess it’s next move; we let the price action, the pattern, and our algorithm dictate the next trade. For today through tomorrow morning will be short gold and silver and long platinum. We do not guess we allow the price action to dictate what’s next.
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