Markets continue to be a challenge to trade. Gold and Silver are slightly higher this morning, but the rally will probably fail once again. This is the pattern they are in, which will eventually change.

There is no doubt that someday they will rally, make new highs, and be much higher than they are, but those guessing when that is are playing a fool’s game. All markets go through the same phases and price action which leads them up and down. Currently the patterns suggest they are going to continue lower.

Today there is the CPI report which could be a catalyst to reverse the trend, however we doubt that is the case. Market efficiency tells us that the sellers are still in full control. We remain short but recognize that the pattern will change.

We must always keep in mind the overall market conditions which are currently one step above closed. There is no volume, no trade, and no interest. We wouldn’t expect any major change until Labor day but are always prepared.

Patience, discipline, and money management always win the day. Let the map of the markets show you the way. Guessing the next move is a fool’s game.

Todd Horwitz Chief Strategist
Stop being a prophet and make profits

On Saturday I will be hosting a webinar on Part Time Day Trading. Here is a free registration link:

2021-08-14 Part Time Day Trading Futures – Noon EDT