This is a market that i follow carefully but trade rarely. During the 1980's (see intro) i spent some time working at ContiCommodities, (It later became part of Refco) and was working (in part) for a very talented Account Exectutive who specialised only in Platinum & Palladium and Gold futures/options on Comex (now surprise, surprise...part of the CME!) . Subsequently i have always followed these particular precious metal markets with a keen eye but sadly my exposure did/does not make my trading any more profitable than any other futures or currency markets & i am loathe to trade gold especially after learning some nasty lessons about money management the hard way some 4 years ago..some fortunate people learn from advice but sadly i have always had to learn from experience. What was the Oscar Wilde saying? i think it goes....... " experience is the name we give to our past mistakes"!
Anyway the reason for this posting is that TO ME it appears that we are at a crucial area of support where price will indicate if it is to continue upwards or if we will see a retracement and subsequent bearish move (not a change in overall trend tho). Personally i believe we may hold these levels on the green LMLP and grey CL both shown on the Gold chart below. If we fail we will go down to test the black LMLP at $1100.00 level. Platinum concerns me as we have taken out a recent support level at $1452 but only just by a few bucks making a new swing low at $1446. If these levels hold for Gold ,Plat & Pall then it strikes me as a good entry level. All the charts below are daily and without reaction lines and BUT the next posting will show something remarkable in lower time frames and give some insight to my trading approach.
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