Silver price exploding, Gold higher and Platinum trying to reverse trend

July 21, 2020

New York (July 21)  Well, well, well... silver is exploding making six-year highs this morning. For months we have been talking about this type of move in silver as we look for this rally to continue. For now, there does not appear to be any slowing down. The next real resistance should be around $21 September futures. Our next big target is $25 September futures.

Gold continues to push to highs not seen as the all-time highs in 2011. Like silver, our expectation is for gold is all-time new highs. The next resistance will be around 1855 December futures. Based on the current pattern is setting up for another breakout to the upside. Obviously, we never know for sure, but based on the information, we can see this rally has a lot more room to run.

Platinum continues to be the weak sister; although it is rallied the last couple of days, the trend is still lower. At the time of this writing, platinum is trading 870 October futures with major resistance around 900. There are some reasons to believe that the trend in platinum will reverse and we will get long platinum along with gold and silver. We do not predict we just play the algorithm which takes out emotion and guesswork.

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