Is the party over for gold and silver?
For now, the answer is no, but it appears that the midnight hour could be fast approaching. Platinum has already reversed; gold and silver have looked awful for a couple of weeks but have managed to stay long through our proprietary algorithm.
Gold Pivot Points:
Gold clearly looks like it has made another lower high at $1,750 in the August futures on Wednesday. June 10. The picture is ugly and trajectory descending; however, we are still long until the signal reverses. Silver is almost identical to gold with a lower higher on the same date. The big difference today is silver looks to be breaking down through support and closer to a signal change.
The pressure on gold, silver and platinum is more disturbing with the action in the equities, which are getting pounded as of this writing at 5 a.m. EDT. We don’t predict the next move, but the signals will change soon based on the current action. We are long gold and silver though today and won’t reverse if at all until Tuesday, June 16. For now, we remain long gold and silver but short platinum.