Although Gold and Silver closed higher on Thursday, their overall action was bearish which is consistent with the current trend. The fact that they both failed at key resistance levels suggests lower prices are ahead. The trends have been confirmed once again and we are willing to add to our current short positions on rallies.

Gold and Silver are in similar formations and both in downtrends. There is no doubt that they will someday enter an uptrend, but we remain with the current trend until it changes. We don’t sell tops or buy bottoms we attempt to get the meat out of moves. As investors we are always long metals through the physical markets.

Many think the markets are manipulated and FED directed. Let’s say that is true, the price action and the footprint still have to show up in a trend of some sort. The map that the footprint leaves is the same whether true free market or manipulated market. We know that the FED is out of control and have destroyed a true free market and price discovery. However, price action creates price discovery.

To quote my grandmother that loved to bet on Harness Horses which we always thought were fixed. She had one comment: May I bet on the crooked horse!

Todd Horwitz Chief Strategist BubbaTrading.com
Stop being a prophet and make profits


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