Gold, Silver and Platinum’s price action remains weak with our lone long in metals being Gold, which has gone down everyday since we reversed. The current range in Gold is 1790-1840 based on December Futures. The five-day drop is 35.00 and counting.

Obviously, the ranges are tight in Gold, Silver and Platinum with danger lower across the board. Silver and Platinum are in real danger with Platinum falling below 1000. A break below 25 in Silver could create a much bigger downside move. Silver is at its lowest level in 6 months.

Today is jobs Friday, which can create a big move in the metals. The last few days have seen attempts to rally followed by immediate selling which is not a good pattern. We will evaluate the price action after the jobs number but the generally slow conditions across all asset classes should continue.

We will remain short Silver and Long Gold until they reverse in trend. Gold is much closer to reversing back to short than Silver to long. Platinum would be a continued short, however its lack of liquidity prevents us from making official trades.

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 BubbaTrading.com
Stop being a prophet and make profits


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