Moment of truth for gold, silver and platinum prices

June 3, 2020

New York (June 3)  No one ever said that trading and investing were easy. Just a couple of days ago, the metals were rolling along looking to make new near-term highs without a care in the world and no doubt they were going up.

Suddenly gold, silver and platinum find themselves under pressure and fighting to hold major support. Since peaking on Monday, gold finds itself struggling to hold $1,720-$1,725 support in the August futures, silver $18-$18.10 in the July futures and platinum $850-$860 in the July futures.

These support levels are now the key in the next move. Does the rally continue or is it over? From our view, the rally should continue, but we are close to a reversal. Gold, silver and platinum have tested these major levels in the past. They should hold and the run higher should continue.

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 U.S. and U.K., 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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