This week ends with the last big news announcement of the week – Non-Farm Jobs number. Gold and Silver should see some wild movement on the number at 8:30 EST. Whatever the initial reaction is the action promises to be wild.
With Gold, Silver and Platinum in an uptrend within a consolidating market, today’s job number could be enough to break those markets out of this pattern. We are long and expect the breakout to come to the upside, continuing the bullish pattern.
However, there are no guarantees; we can only tell you what we see now. Based on where the metals are sitting there is a high probability of a rally and breakout to the upside. We are long going into the number and will make no adjustments either way until at least Monday.
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
Join us for the Monday Night Strategy call November 8th at 4:30 EDT: