Gold, Silver and Platinum headed lower

After a solid run higher, the metals have started to turn over and now find themselves under pressure. The rally attempts are weak and should be sold. Last Friday was the breakdown of the metals indicating the highs are in for now and rallies to resistance should be sold.

From a straight technical perspective, the action is weak and looks to be headed lower. In concert Gold, Silver and Platinum have returned to trading in synch with one another. For a few weeks they had separated with Gold bullish, Silver trying to go higher and Platinum under pressure.

For now, the metals in in a downtrend which can last for a short or long period of time. We will play the short side of these markets until proven otherwise. We will be sellers of rallies at key resistance levels. We will sell Gold at 1605, Silver at 17 and Platinum at 880.

 Todd Horwitz