Those hazy, lazy days of summer influence markets as well. While it’s attempting to reverse, Silver remains weak. What we are seeing, all markets are basically in a coma, equities creep to new highs while metals remain weak.
Gold had a nice finish last week but as we can see this morning the key level of 1785 December Gold is being rejected. That does not mean there can’t or won’t be a rally and a reversal. However, until proven by our algorithms reverse, we will stay short.
Silver is weak and has now experienced its sixth consecutive down week and 9th in the last 11. The recent move has taken Silver from 29 down to 23 about 25%. There is no reason to expect that pattern to change anytime soon, we know that it will, but trend trading is about what is happening now.
Unfortunately, the dull market action and lack of volume and volatility will keep the pressure on the metals. 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
On Saturday I hosted a webinar on Part Time Day Trading. Here is the recording: