Tuesday was an interesting day across the board for metals. Gold and silver held support like a champion, while platinum continued its downtrend. The picture remains clear that gold and silver are in a bull market while platinum remains in a bear market.
The fact that gold was able to hold 1800 August futures yet again shows how much strength there is behind gold. Our expectations are to see gold make new near-term highs once again in route to all time new highs. 1820 to 1830 are the next areas of major resistance which could take a few days to break through.
Silver has its sights on $20 September futures as it is breaking out of this cup and handle formation. 19.20 – 19.50 our support for September silver. We are seeing strength again this morning which could push silver to $20 today. We made no predictions with the exception that we are long and bullish.
Platinum continues to struggle and looks headed below $800 October futures. The lack of buying in platinum suggests this bear market is a lot more room to go before finding buyers.
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.