What a day we saw Wednesday in the metals across the board. Gold was charging higher, reaching 1807 August futures before failing miserably touching 1767 and closing at 1780. The key was the close around 1780 keeping the run to possible new highs open.
Silver, mimicking gold, reached a double top from mid-May at about 1890 September futures before collapsing to 1809 September futures closing at 1828 the day. The key level of $18 keeps silver in a bullish formation suggesting a much bigger run to the upside.
Platinum, which remains in a downtrend, failed at 860 October futures indicating that the bear trend is still there. It appears that platinum is starting to consolidate and can mean one of two things, either the Bertsch is over or its resting before heading lower.
Either way our positions remain the same: long gold, long silver, and short platinum. Today’s jobs number could create some huge price movement in the metals, which we expect will be within the trends we currently have.
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.