Gold , silver and platinum have managed to hold support for weeks. The $1,700 level in gold has been a floor where it has been able to rally from. The pattern has slowly changed and looks weak but has allowed us to stay long through it all. We have concerns in gold but are depending on support holding once again.
Silver and platinum are almost identical in their patterns; both have been in consolidation with support holding. The lower highs are not healthy in a long-term view, but support has been powerful, which keeps the pattern intact. Our algorithm says to be long, which means no matter how uncomfortable we are, we will hold.
The levels we are watching are: July silver futures, $15 support, $16.50 resistance; July platinum futures, $750 support, $850 resistance; and June gold futures, $1,700 support, $1,750-$1,800 resistance. These levels have proven very powerful. We are long until support breaks down.
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.