Gold is rallying toward the $1,285 resistance level, putting our backs up against the wall. Same for silver, a strong rally toward its major resistance at $18.
However, this does not indicate a breakout just yet. For a true breakout, we need to see gold close above $1,302 on a weekly basis. Until that happens, this could be just one giant fake out – followed by a pullback that will be that much nastier.
That doesn’t help your positions, however. Unfortunately, there is nothing we can do at this time but wait to see today’s close and Monday morning’s opening action. That will give me the indications I need to determine your next move – whether it be to roll forward your existing positions and remain bearish or to exit and look to get long.
Every indicator I study continues to suggest we’re seeing fake out moves in many markets and that the major trends are actually opposite to what you see on the board at this time. This is a very dangerous period in the markets. Do not try to second-guess them.
I will have a full update Monday morning. Hold tight and be patient.
Best wishes,
Larry
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