Wednesday was FED Day, or the meeting of the three blind mice. Either way, they once again showed how clueless they are. The FED has changed their transitory call on inflation to it will be transitory. Inflation is not transitory, and it is hotter than they will admit.
Before Wednesday’s FED Decision Gold, Silver and Platinum were getting clobbered before a late day rally cut losses in Gold and Platinum while Silver closed higher on the day. The pressure on many Gold bulls was unbearable.
This morning as of 6:00 EST, Gold has regained most of Wednesday losses, Silver is nicely higher along with Platinum. What the price action shows us, the trend is still higher while Gold, Silver and Platinum wallow in the torture chamber of congestion.
We are long and are nowhere near reversing, today’s early rally should continue to follow through. The pattern and price action suggest a much bigger move is coming. The move can be either way however all signs favor higher.
In all markets price action determines what will happen in the next day, week or months. Keep the two strategies separate, the worst trade anyone can make is turning a trade into an investment hoping for a way out. Traders must learn to take their losses and move on to the next trade.
Patience, discipline, and money management always win the day. Let the map of the markets show you the way.
Todd Horwitz Chief Strategist BubbaTrading.com
Stop being a prophet and make profits
Thursday 11/04/21 at 10:00am EST, I will presenting our new portfolio models that use Mini/Micro Futures including Gold, Silver and Bitcoin: