On Monday, Gold was getting hammered, once again in danger of reversing to the short. Miraculously, Gold turned and rallied back to almost unchanged. Gold is in wide sweeping consolidation, suggesting a big move in either direction. We are long, but are more fearful the break will be down based on the negative movement within congestion.
Silver, like Gold, held major support actually closing positive on the day. The key level in Silver is 17.50 September futures. Silver also looks very negative within the congestion pattern its trading, however we remain long. Platinum had a huge reversal on Monday as well, but we remain short.
Remember, the most important thing in trading and investing is the price action and the key levels. Gold and Silver remain long, although not looking good, but we will wait for a signal change from our proprietary algorithm. Platinum remains short with 870 October futures being the key resistance. Trade with no emotions and a reason other than the news to enter, exit or reverse- you will be a better trader and investor.
Todd Horwitz Chief Strategist BubbaTrading.com
Stop being a prophet and make profits
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