Gold and silver prices have further room to fall

September 28, 2020

New York (Sept 28)  The selling continues in gold, silver, and platinum, as markets search for a bottom. There is never an absolute level to how low or how high a market can go; all we can do is set support and resistance levels as guidelines.

The levels we watch are determined by price and volume at certain points in any chart. In the case of gold, silver, and platinum, levels of support and resistance are clear. However, that does not guarantee that they will hold. Remember, they are only used as guidelines as we manage our positions either long or short.

We remain short gold, silver, and platinum expecting to see much lower prices before the next rally begins. In the short timeframe, $1,850 December gold could be support; however, the chart indicates that $1,800 is also in play. For silver, the first support should be $22.5, but $22 is in play. Platinum has held its first test at $830 January futures, but our target is $800.

Our positions have not changed. We are short the metals across the board, expecting lower prices. Remember, there is no guarantee that it will not change any day. However, that is the game plan as of today. Trading is preparation and a plan with mechanical answers decision-making.

We are now offering a comprehensive commodity report that complements our other services. The Technomental Commodity Report comes out on Wednesday evenings and provides comprehensive fundamental and technical coverage of most commodities that trade on the futures markets in the US and UK, as well as stocks, bonds, and digital currencies.  There is a summary report on Friday after the markets close, and robust quarterly reports on each of the six commodity sectors and a general overview that recaps the past three months and offers projections and suggestions for the next quarter. Andy Hecht, the author of the report, has been a commodity trader since the early 1980s and has vast experience in markets across all asset classes.


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