Gold, silver, and platinum are slightly higher on October 19. After several hours of consolidating, the short term charts show that the bulls are striving to take over.
Nonetheless, the general pattern has not changed. They seem to remain in a long-term downtrend, which is expected to continue. In other words, traders are short and willing to sell more on the rally. In the past few days, gold has been oscillating between $1,900 and $1,920 in December futures.
On their part, December silver futures have been trading between $23.60-$ and the January platinum futures are stuck between $880-$860 January futures. Nothing much has changed on the long-term trend. Most of the experienced traders are short and will remain there until signals change convincingly. Trading is all about possibilities and win percentage.
Many traders get confused by the news and the general economic conditions when it is always about the price action. A majority combine investing with trading which becomes quite a challenge for most. Experts advise that you should trade either side of the market whenever trading.
Support is coming from a weaker US dollar index to start the new trading week. The charts remain quite friendly which is gradually inviting some bulls to the buy-side. Notably, December gold futures were last seen up $9.60 at $1,916.00 while the December Comex silver was up by $0.555 at $24.95 an ounce.
