Tuesday, we saw a massive rally across the board gold, silver, and platinum. The rally has continued this morning with December gold futures up $17, September silver futures up almost a $1 and October platinum futures up $4.
Gold looks destined to make new all-time highs sooner than we thought with the gold less than $60 from the all-time highs. The action remains bullish; however, we would expect some sort of pullback considering the size of this rally. Gold continues to break through resistance levels indicating full steam ahead.
Silver has had the biggest explosion and although the all-time high was just over $49, the trading action is like 2011. Based on the steep rally, a pullback in silver would be no surprise either. With September silver futures trading over $22, it would be no surprise to see some retracement back to $21.50. We remain bullish and looking for spots to add to our positions.
After lagging gold and silver for months, platinum has been in a downtrend October platinum is now broken out to the upside joining the party. Platinum going straight up, which tells us that a pullback to a support level of around $900 October futures. We are just watching the price action and expect the rallies to continue with some pullbacks along the way.
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