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Silver is trading beneath the "Coil" on the Daily chart (right hand side chart below). There is a low on the Daily chart recently that might offer minor support, but below there the flood gates could open up. I have no position in Silver and could go short there, or wait for the "Slingshot" move of a failed breakdown to get long. But Silver is no doubt in a bad spot for the existing longs in the Open Interest.
Gold is developing lower lows and lower highs near term on the 30 min chart (left hand side below), with the most recent low around 1588. Major trendline support is around 1565 on the Daily. GC needs to clear around 1615 to shake of the bearish tone near term. I have no position in Gold, and could get bearish below 1560 and bullish above 1630.
In Platinum there is a Bearish downward sloping Channel on the Daily chart, and the Inverted Bullish Head and Shoulders pattern on the near term 30 min chart did not have a high probability of a breakout due to the larger degree structure phase of development. I have no position in Platinum. See all three charts below.
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(Click on charts to expand)
Silver
Gold
Platinum
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Email: ScottPluschau@gmail.com
