This morning at about 5:00 am Gold, Silver, Platinum and Copper spiked, ten minutes later they collapsed. August Gold rallied to 1750, September Silver 18.07 and October Platinum 840 and now are all near the lows of the day. Silver is still higher, while Gold and Platinum have turned negative on the day.

Not much has changed in Gold, reached resistance this morning at 1750 and is now failing. The key levels remain 1725 support and 1750 resistance. The pattern is still ugly, although we are still long. This morning’s spike was more bearish than bullish. Obviously, we would love to see a breakout higher. There is a big move coming and the odds favor lower, however we will stay long until our signal changes.

Silver is in a similar pattern and must hold 17.75 September futures. We are long Silver as well but have the same concerns, the pattern is weak and the next move has a higher probability of being down. We are short October Platinum, the pattern suggests the next support is 800 October futures.

Todd Horwitz Chief Strategist
Stop being a prophet and make profits

We are now offering a comprehensive commodity report that complements our other services. The Technomental Commodity Report comes out on Wednesday evenings and provides comprehensive fundamental and technical coverage of most commodities that trade on the futures markets in the US and UK, as well as stocks, bonds, and digital currencies.  There is a summary report on Friday after the markets close, and robust quarterly reports on each of the six commodity sectors and a general overview that recaps the past three months and offers projections and suggestions for the next quarter. Andy Hecht, the author of the report, has been a commodity trader since the early 1980s and has vast experience in markets across all asset classes.

Sign up here: Bubba Trading TechnoMental Report