Dolly Parton sang the song “Here we go again.” Gold and Silver are singing that tune for the third time this week. Once again Gold and Silver are pushing up to the reversal levels and could finally push through, reversing us from short too long.
The past three days, Gold and Silver have failed late, keeping us on the short side of the market. The price action has been challenging which is why consolidation is known as the greatest time of uncertainty. Today should go a long way in determining the next big move.
Trading takes a massive amount of patience and discipline. You must always recognize that deciding to not make a trade could be the best trade at that time. Observation of markets is crucial; pattern recognition comes from watching. Leave you opinions at the door and follow the message of the markets.
Patience, discipline, and money management always win the day.
Todd Horwitz Chief Strategist BubbaTrading.com
Stop being a prophet and make profits
Recording for Monday Night’s Strategy Call July 5th with Andy Hecht below.