Gold Hovers At Support, Silver Turns Bearish
The metals continue to struggle as they try to resolve Monday’s spike highs. Trading action has been weak especially in silver and platinum. The current action suggests and has been confirmed bearish in silver and platinum, gold is hanging on as the lone bull.
Patterns don’t change that often; our algorithms are designed to withstand quick movements by not being to aggressive on artificial movement. Silver never really call bull fever, although we have been long for a couple of weeks, we continued to warn that it didn’t look great.
Here we are with silver and platinum both turning to shorts which means the longer-term trend is back in play which is lower. Gold looks weak but managed to hold but could turn any day. If gold closes lower today it will trigger a sell signal which is consistent with the overall pattern.