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Thursday's action in gold and silver was very bullish. Pullbacks in bull markets are really buying opportunities. If you always remember one thing in up trending markets: buying support is the best trade. It's just like selling rallies or resistance is the best trade in down trending markets.
This morning gold and silver are rallying again and should reach their resistance levels before seeing another pullback. Based on the recent rallies, we would expect to see consolidation before the next breakout to the upside. Gold and silver are in bull markets and should be played accordingly until that changes.
Platinum also failed on Thursday, but it remains in a bear market. Although it looks like platinum was trying to reverse and enjoy the bull market of the rest of the metals is still in a downtrend. Obviously, markets never announce themselves in this pattern can change, but for now, by gold and silver, sell platinum.
Saturday Micro Mini Recording: Saturday did a great webinar on our micro mini futures portfolio models. I have attached the recording for your viewing pleasure.
By Todd 'Bubba' Horwitz
Contributing to kitco.com
