The struggles continue for Gold and Silver as they wind in a tight consolidation pattern including weak rally attempts. The price action is negative and should lead to a breakdown in Gold and Silver. Platinum is the strongest of the group, however at under 1100 there is not much to brag about.
Although this week promises to be slow with the July 4th holiday coming up, there are a few drivers that could create action that could be fast and furious in either direction. Tomorrow is month and quarter end plus the jobs number on Friday. This could create a vacuum effect, large movement on a big order for a short period of time before reverting to the mean.
This is a great week to be passive, not aggressive, and can create more grief for traders. Add in the strong dollar and it adds up to more weakness in Gold and Silver. We will remain short until the trend changes which does not appear close. We know that markets do not announce themselves and anything can happen.
Patience, discipline, and money management always win the day.
Todd Horwitz Chief Strategist BubbaTrading.com
Stop being a prophet and make profits
Recording from Monday June 28th Strategy Call with Andy Hecht below.