Platinum has now joined gold and silver in breaking its major support levels. Much lower prices are coming; however, bottom pickers will attempt to buy and rallies will start to show after the recent selling pressure. When they do, they are opportunities to sell.
Metals are in a significant downtrend; in other words, the path of least resistance is lower. As traders, the best side of the market to be on is the one with the easiest path. Until proven otherwise, the move is down. This is where many make mistakes by exiting too early, trying to predict, or trying to guess the bottoms.
There is no doubt that gold, silver and platinum will go higher at some point. However, for now, everything suggests that they continue down. We remain short and will not cover until the markets show us that the current pattern has changed.
Futures and Commodities with Andy […]
October 30, 2020 (updated October 30, 2020) Published by StockMan