The story in gold remains the same as it appears to be headed much higher. The breakout from consolidation about a week ago continues to hold, support has not failed yet. Gold is forming a cup and handle pattern, which indicates a much bigger move is coming. We expect that move will be higher and gold should break through 1800 August futures as it prepares to make a run at the all-time highs.
Silver is setting up in a similar pattern as gold, not quite as bullish but with the possibilities of breaking out big. The key for silver is a close above 1820 September futures, which would probably take the metal to 20. Of course, there is work to be done, but silver is bullish. It would be no surprise to soon see silver start to outperform gold.
Platinum after rallying the last couple of days unlike by looks ready to head lower once again. The higher this move would be 840 October futures, which would keep platinum in a downtrend. Our first target on the way down 800 support that breaks 770 and then 750 October futures.
Our algorithms have been dead on the charts which keeps us long gold, silver, and short platinum. All three appear to be solid patterns and should see continuation in their current direction.
Todd Horwitz Chief Strategist BubbaTrading.com
Stop being a prophet and make profits
Saturday Micro Mini Recording: Saturday did a great webinar on our micro mini futures portfolio models. I have attached the recording for your viewing pleasure.