Gold, platinum and silver prices churning

New York (May 11)  Gold , silver and platinum have managed to hold support for weeks. The $1,700 level in gold has been a floor where it has been able to rally from. The pattern has slowly changed and looks weak but has allowed us to stay long through it all. We have concerns in gold but are depending on support holding once again.

Silver and platinum are almost identical in their patterns; both have been in consolidation with support holding. The lower highs are not healthy in a long-term view, but support has been powerful, which keeps the pattern intact. Our algorithm says to be long, which means no matter how uncomfortable we are, we will hold.

The levels we are watching are: July silver futures, $15 support, $16.50 resistance; July platinum futures, $750 support, $850 resistance; and June gold futures, $1,700 support, $1,750-$1,800 resistance. These levels have proven very powerful. We are long until support breaks down.

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