Jobs Friday was a disaster for the metals. Gold, silver and platinum were punished relentlessly, and only a late-day rally kept us long and in the markets. We were very close to a reversal but for today, we will remain long all of the metals.phone screen repair in bronx ny
As we wrote on Friday, the action was bearish. This morning’s rally on its own does not relieve the ugly patterns and could be an oversold bounce. There is still trouble in the world of metals, and a reversal can show up at any time. Today’s action is very important to the overall health of the metals markets. phone screen repair in bronx ny
The key levels to watch are gold needs to close above $1,700 in the August futures, silver $18 in the September futures and platinum $860 in the October futures. If these markets close higher on the day, we will stay long. However, for the pattern to stay strong, the above levels are the key. There is a lot of weakness in metals, which is uncomfortable, but we are long at least for today.
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