The solid rallies in gold, silver, and platinum roll-on. It appears that every sell off is now met with buyers. Gold is in a very solid bullish pattern which is just really consolidation waiting for the next breakout. The current trading range in December gold futures is 1950 to 2000 with our next target being approximately 2100.
Silver’s pattern is almost identical to gold, with a few exceptions, it’s not at all time new highs and appears to be a little more bullish. The range for September silver futures is 2350 – 2550 with our next target approximately 30.
Platinum continues to be the weakest of the group, although the bullish pattern is beginning. Platinum support is solid 920 we will use that level to add on pullbacks. Our range in platinum is 920 – 1000 October futures making our next target 1050. It appears that the move in platinum is just beginning.
The metals complex is very bullish now. For various reasons. However, it is of no concern to us on what is said or done in the news. The price action has identified this move months ago, showing you that the news means nothing. Until something changes, we are long, bullish, and look for prices to continue to rise.
Todd Horwitz Chief Strategist BubbaTrading.com
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