Gold and Silver at Resistance

The metals continue churning in a range and consistently failing at resistance levels. You can look for reasons why gold and Silver should go higher, but nothing determines the next move in any market than price.

If you are investing for the long haul and have no intentions to sell by all means buy and hold. For now, the metals are headed lower despite the news global events and whatever you would like to use to convince yourself that gold and silver are going higher.

It’s interesting how investors like to trade on the news which has already been priced into the market. Other than a black swan event that can’t be predicted or priced in, price action determines the next move. For us nothing has changed, we are sellers of gold at 1500 and silver at 17.90 December futures. It’s that simple.

Todd Horwitz