Gold looking to break out, Silver at resistance
As we watch the latest developments in the metal’s gold looks like its prepped and ready to make a run at 1600. That level should fail but eventually breakout through. We are looking for a test of the January 8th highs, with a breakout to the upside possible.
Silver is higher this morning but still in a trend that look lower. We would be surprised if silver can get above 18.00 March futures and will continue to be short until something changes in the pattern. The last two weeks silver has been in a consolidation pattern.
The simple fact about all markets is they continue to run the same patterns repeatedly. With gold in an uptrend and moving higher expectations are that should continue. Silver in consolidation should resume the trend which is lower.
We don’t typically trade Platinum but for those who do the pattern looks bullish. Platinum is consolidating at support in an uptrend. There is a solid chance that Platinum test the recent highs.