The rally in gold and silver roll on, with gold preferring to break out over $1,800. It was just a week ago gold appeared to be in control, however, found support and has now rallied over 3% in the past four trading days. Gold looks ready to take out the $1,800 level. There is now a real possibility that gold could make new all-time highs.
Silver has made the same move as gold, moving up 3% in the past week. Gold has broken out to the upside, while silver looks like it’s breaking up now. If this rally can continue, our target for September silver is just over $19 and then higher. Based on our position in the current action, there is no reason not to expect this to happen.
Platinum remains weak and is lower this morning, once again failing at the $875 level. The trend is lower, and we expect October platinum to break below $800. Platinum is going opposite of gold and silver.
Overall, we are long gold and silver and short platinum. For gold, the next big level is $1,800 in the August futures and $18.60 in September silver. Platinum is in between ranges, which are $875 resistance and $820 support in the October futures. We expect the current trend in all models continue.
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