Monday was like the previous couple of weeks for Gold and Silver; they made a charge to breakout to the upside but failed. Platinum did the same and the 40.00 rally only reached the top of the range. The pattern is the key, and it remains the same as the bridge to nowhere.
This morning, Gold, Silver and Platinum are flat to slightly lower. Our expectations have not changed, we are long, and the trend is higher. However immediate gratification is promised to no one. We must have the patience and determination to allow markets to tell us what to do.
The charts are a giant road map that sends signals on making the correct turn. Some of the time the map is outdated giving us the wrong direction but over time there is no greater source for directions. The biggest problem for most, they want to decide where the next move is choosing to ignore the signs.
In all markets price action determines what will happen in the next day, week or months. Keep the two strategies separate, the worst trade anyone can make is turning a trade into an investment hoping for a way out. Traders must learn to take their losses and move on to the next trade.
Patience, discipline, and money management always win the day. Let the map of the markets show you the way.
Todd Horwitz Chief Strategist BubbaTrading.com
Stop being a prophet and make profits
Here is the recording from our Monday Night Strategy Call:
