The precious metals this morning were severely pressured by lower stock and commodity prices around the world this week with gold futures leading the way down another $7 dollars an ounce currently trading at 1, 588 down over $60 this week hitting a new five month low with the next major support at 1,528 and if that level is broken you could possibly see gold go all the way back down to the low 1400’s while silver futures started the week at 30.43 down nearly 1.40 for the trading week and trading down 30 cents at 28.90 with the next major support all the way down to 26.50 which is still over $2 dollars away also hitting a new five month low.
Copper futures which have been the strongest precious metal lately down 300 points currently trading at 365.50 a pound with major support at 357.75 a pound and if that level is broken you will see a five month low created and bear markets across the board in the precious metals.
One of the biggest bear markets in the precious metals which has not been talked about a whole lot is the platinum futures which are down another $32 dollars an ounce down over $70 dollars this week alone currently trading at 1,450 an ounce also hitting a new five month low with the next support all the way down the 1,400 which is still a good distance from these trading levels.
In my opinion I would stay short all of the precious metals because I do think they are headed lower with many of the other commodities and now you are seeing cracks in the S&P 500 for the first time in a while and remember the old saying which is been true in the last three years sell in May and go away because this could be déjà vu all over again.
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