Gold, Silver, And Platinum Are Testing Narrow Trading Ranges

May.14.14 | About: SPDR Gold (GLD)

Summary

Geopolitical instability and easy monetary policy still favor gold, silver, and platinum markets.

Gold is negatively correlated to credibility of the Fed to tighten until real interest rates return to positive territory.

Technically gold silver, and platinum are all range bound in channels, trade set up upon breakout of major supports or resistances.

In the video below I go more into specifics of the fundamental and technical picture for gold (NYSEARCA:GLD), silver (NYSEARCA:SLV), and platinum (NYSEARCA:PPLT), and what technical breakpoints traders and investors need to watch when the US market inches towards the close.

Geopolitical tension and stealthily rising inflation are bullish drivers of gold, but any signs of credible tightening measures from the Fed, ECB, or Bank of Japan can erase any meaningful rally.

Gold:

Support : $1270-1275

Resistance: $1320-1325

Silver:

Support : $19

Resistance: $20

Disclosure: I am long GLD. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.