As we noted yesterday Gold, Silver and Platinum were in an ugly formation at support. As often happens in markets, buyers showed up and a solid rally appeared. As of 4:00 am EDT the rally is continuing.
Gold still has work to do to reverse the negative pattern it has been in for the last couple of weeks, 1740 June futures is the next major resistance level. If Gold can break through 1740 there is a solid chance it could test the highs. This morning’s jobs number could go a long way in deciding the next move.
Silver and Platinum were in identical patterns for the past couple of weeks, but like a great horse race Silver has broken out of its first resistance level. Although the volume has been light, it has been improving and Silver is now on target to test 16.10 July futures.
Platinum remains in consolidation at the top end of the range, targeting 800 July futures. We remain long all metals and will stay there until our algorithms change. There is still reason for concern as the metals are not out of the woods, but there are buyers and the next couple of days will decide the direction of the next big move.
Todd Horwitz Chief Strategist BubbaTrading.com
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