Just 24 hours ago gold, silver were in downtrends. It now appears that they are trying to reverse back to the original uptrend started months ago. Markets, never being a total surprise when following price action, have demonstrated that last week’s selloff was simply an opportunity to buy. Of course, we are not buying yet, but the action remains bullish throughout today, we will be buying tomorrow.
Gold and silver both had massive rallies Monday and as of early this morning, they are moving higher again. At these price levels, gold and silver are amid a trend change. The price action by the end today will determine if that is indeed the fact and we will be forced to reverse back the long side. We don’t care what side of the market we are on; the right side is always the side that makes money.
Platinum continues to work higher, consistent with the trend that it currently is in, which is no surprise because we expected it. Our job to be with the market not against it gets you using the trend is the path of least resistance. Remember, in these markets and commentaries, we are talking trading, not long-term investing.
Today is Tuesday, August 18 and we will be short, gold and silver throughout the day, no matter what happens, even if the price action continues to confirm a trend reversal. We will reverse tomorrow the long side. Our trend decisions are made once a day after the close, so we don’t get caught in emotional swings during the day.
We are now offering a comprehensive commodity report that complements our other services. The Technomental Commodity Report comes out on Wednesday evenings and provides comprehensive fundamental and technical coverage of most commodities that trade on the futures markets in the US and UK, as well as stocks, bonds, and digital currencies. There is a summary report on Friday after the markets close, and robust quarterly reports on each of the six commodity sectors and a general overview that recaps the past three months and offers projections and suggestions for the next quarter. Andy Hecht, the author of the report, has been a commodity trader since the early 1980s and has vast experience in markets across all asset classes.
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