On Monday, gold was getting hammered, once again in danger of reversing to the short side. Miraculously, gold turned and rallied back to almost unchanged. Gold is in wide sweeping consolidation, suggesting a big move in either direction. We are long but are more fearful the break will be down based on the negative movement withing congestion.
Silver, like gold, held major support, actually closing positive on the day. The key level in silver is $17.50 in the September futures. Silver also looks very negative within the congestion pattern its trading; however, we remain long. Platinum had a huge reversal on Monday as well, but we remain short.
Remember, the most important thing in trading and investing is the price action and the key levels. Gold and silver remain long although not looking good, but we will wait a signal change from our proprietary algorithm. Platinum remains short with $870 in the October futures being the key resistance. Trade with no emotions and a reason other than the news to enter, exit or reverse; you will be a better trader and investor.
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 U.S. and U.K., 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.