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The moment of truth for gold

15 September 2020

 

Here we go again, gold is pushing the upper limit of resistance and has now reached the moment of truth. Will it break out to the upside? Will we be forced to reverse from short too long? Only the price action during the rest of today will determine that. For now, we are short and will be short until Wednesday morning at the earliest.

 

Silver and platinum are in similar patterns. However, they are not as strong as gold, but obviously, price action is painful, just the same. When you are trend trading and following the price action, you cannot afford to guess early and must let the patterns complete, and then give you direction.

 

One of the biggest mistakes traders and investors alike make, they become too emotional with markets in both directions. Trend following, price action trading is always determined by the closing price at the end of the day. Those who try to trade the news overreact to artificial movement during the trading day are reacting emotionally vs. mechanically and rule-based.

 

Source: https://www.kitco.com/com