It finally happened; gold made new all-time highs. During the overnight trade, December gold futures traded $2000 an ounce. The big question is what will happen from here. The overnight action was extremely volatile and as of this writing gold is about flat.
All signs point to the rally continuing, although a pullback would be no surprise. As we have written every day the pattern is bullish, and gold should make new highs, nothing has changed. Until the pattern shifts direction, we are buyers of support, expecting gold to continue to rally. We now are targeting $2250 December gold futures.
Silver has been a monster as well, reaching our first target of $25 per ounce September futures. The overnight high was $26.27, our new target silver is $30 an ounce September futures. Like gold, the overnight high silver has brought in sellers, which is extremely healthy for the market. In up trending markets, pullbacks to support are opportunities to buy.
Platinum has also joined the party and traded over $1000 October futures in the overnight session. We expect the metals rally to continue across the board. With the Federal Reserve meeting on Wednesday, we are expecting an announcement will be more favorable to the metals which will probably cause a pullback and buying opportunity.
Todd Horwitz Chief Strategist BubbaTrading.com
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