For the past few days Gold and Silver have tried to reverse trends and breakout to the upside. For now, they have failed at resistance looking to resume the trend lower. The failure came from the levels we posted the other day.
Gold is preparing to take out the August 8th-9th flash crash lows joining Silver and Platinum, which have already done so. Those who love the metals can continue to fight the trend and argue “that’s not right” or they can patiently wait for the trend to reverse. Those who try to pick bottoms usually end up with nothing.
If you are a gold, silver, or platinum bug, the selling should make you happy. You will get an opportunity to buy at lower prices and accumulate more. Trying to fight the trend is a fool’s game especially when more time is spent worrying about manipulation or the metals. Let the market come to you while increasing your potential profits and cutting down your losses
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
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