Now you see why we wait for our signals to reverse before we react. Gold, silver and platinum have turned ugly; once again, they are breaking to the downside. The pressure is on, and the metals look ready to head lower.
There are no guaranties in anything but based on the patterns and the footprints the markets are leaving, this selloff could get ugly. The key levels to watch on the downside are $1,790 – $1,800 in August gold, $25.00-$25.30 in September silver and $1,050-$1,075 October platinum.
Gold traders and investors believe that there is a big move to the upside as they think equities are going to crumble. Everything is possible; however, trying to predict the future with no real basis is a fool’s game. Those who exercise patience and follow the map left by the markets will always come out ahead.